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There is a lot of demand for the UK...........>

GILTS
GILTS: There is a lot of demand for the UK syndication today, as we had
expected. Comparing to the four most recent conventional gilt syndications:
- Latest update (9:15BST update): Launch 0.50% Oct-61. Book size GBP47bln
- Last week: Launch 0.325% Oct-30. Book size GBP82.6bln, issued GBP12.00bln
- Feb 2020: Re-open 1.625% Oct-71. Book size GBP25.3bln, issued GBP2.50bln
- Sep 2019: Re-open 1.625% Oct-71. Book size GBP25.8bln, issued GBP4.00bln
- May 2019: Launch 1.625% Oct-71. Book size GBP32.0bln, issued GBP4.75bln
As we noted in the Gilt Week Ahead, we would expect the deal size for today's
syndication to be set in the region of GBP4.5-7.0bln with expectations towards
the mid-to-top of the range.

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