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Today's 10y syndication was expected to be....>

GILTS
GILTS: Today's 10y syndication was expected to be successful and there is no
surprise a record book size has been seen given the shorter maturity (and hence
lower duration) than the usual UK syndications.
- As we noted at 7:20BST ahead of the syndication, Spanish and Italian
syndications have seen huge book sizes recently and we had expected at least
GBP5-6bln to be issued today.
- However, GBP65bln is even more successful than we would have expected. With
this in mind, we think that the syndication is more likely to be set in the
GBP7-8bln range, potentially even as large as GBP10bln.

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