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Syndication in mediums; 10s30s come off the highs

GILTS
  • The long-dated issuance isn't as high as first though as the syndication programme is split between mediums and longs (not just for longs as we had expected).
  • This means that long-dated issuance is GBP49.0bln (not the GBP57.5bln we originally noted). And medium-dated issuance is actually higher at GBP82.1bln.
  • Hence we are seeing some pullback in 10s30s gilts now.

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