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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
SSA
◆ EDC had originally considered last week for dollar deal ◆ Favourable dollar funding could tempt European SSAs ◆ Five year tenor safer option
SSA
◆ Thin summer bid tests final SSA supply push ◆ Iran, CPI and holidays squeeze last pre-summer window ◆ Washington supras circle in dollar market

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