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◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
Spreads expected to remain ‘well anchored’ in coming weeks despite this week’s blip
◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars
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Dollar strength shines through with euro deals lacklustre
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Demand picture for long-dated paper still uncertain after Jackson Hole meeting
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Reluctance to show hands has led to smaller books and higher concessions
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EFSF, NRW.Bank and SEK also brought deals in cautious market
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Reception from investors on Tuesday are weaker than some had expected
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Pricing is expected around September 7