February 6, 2018 / 2:50 PM / a year ago

Domestic investors account for 85 percent of demand for UK 2048 linker - DMO

LONDON (Reuters) - Britain’s Debt Management Office said domestic investors accounted for around 85 percent of demand at the sale via syndication of the 0.125 percent 2048 index-linked gilt GBIL0E48= on Tuesday.

Earlier in the day the DMO said it had sold a nominal 2.75 billion pounds ($3.81 billion) of the 2048 linker, having attracted more than 16 billion pounds of orders.

Based on the strength of demand, the DMO said it had transferred 583 million pounds of the remaining unallocated portion of its 2017/18 gilt issuance remit to its index-linked syndication programme, leaving 429 million pounds left unallocated.

In cash terms, the proceeds from Tuesday’s transaction are expected to amount to around 4.5 billion pounds, the DMO said.

BofA Merrill Lynch, JPMorgan, Lloyds Bank and Santander acted jointly as bookrunners on the deal.

Reporting by Andy Bruce; Editing by Alison Williams

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