(1/2) The DMO has released the Minutes of.....>

GILTS: (1/2) The DMO has released the Minutes of its quarterly consultation

meeting this morning:

- Shorts (6 auctions): Most GEMMs supported two auctions of a new Jan-23 gilt

with at least one re-opening of the 0.625% Jun-25 before the launch of a new

Jan-26 maturity gilt. Investors also supported the new Jan-23 and Jan-26 gilts

although some suggested the Jan-23 was built up to a bigger size to avoid

launching the two new gilts too close together.

- Mediums (3 auctions): GEMMs and investors were generally split between having

a re-opening of the 0.875% Oct-29 gilt and having three auctions of a new 2030

maturity gilt. Some GEMMs preferred that a new 2031 gilt was launched.

- Longs (3 auctions): At least one re-opening of each of the 1.25% Oct-41 and

1.75% Jan-49 were supported by both GEMMs and investors. For the third auction

opinions were split between either re-opening one of the prior issues twice, or

a re-opening of the 1.625% Oct-54 or 1.75% Jul-57.

- Linkers (2 auctions): 0.125% Aug-28 was the most popular gilt with no clear

opinion on the second auction.