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APF Sales Schedule Due at 16:30GMT

BOE
  • The BOE will announce its APF sales scheduled for Q2 at 16:30GMT /12:30ET (it is an operational and hence non-MPC decisions).
  • We think that the changes made to the buckets for Q1 have worked generally well and we expect another 11 operations to be held in Q2 (4 short, 4 medium and 3 long).
  • However, we expect there may be some tweaks to the sizes of the operation sizes for each bucket.
  • Looking at Q1 in “initial proceeds” terms (i.e. using the average purchase price paid by the Bank for the gilts and hence the holding value on the Bank’s balance sheet) across the four short-dated operations proceeds were GBP3.781bln, across four medium-dated operations proceeds were GBP3.974bln and in just 2/3 of the long operations (with the final to be held next week) proceeds have been GBP3.361bln (which pro-rataed would be over GBP5bln).
  • We therefore think that in terms of sales proceeds, there is some scope for a slight increase in the size of the short-dated bucket from the current GBP800mln (to possibly GBP850mln), we think that the mediums will stay at the current GBP750mln while the long-dated bucket may be reduced to GBP600mln per operation.
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