Banks views on Gilt issuance for fiscal.......>

GILTS: Banks views on Gilt issuance for fiscal year (FY) 2018/19. Consensus is

for Gilt issuance to fall to Stg103bln from Stg115.1bln in  2017/18:

- Nomura see 2018/19 Gilt Issuance at Stg104.5bln vs Stg115.1bln 2017/18.

Forecast roughly similar percentage split across maturity spectrum, but with

slight decrease in short conventionals and rise in longs. 

- Barclays see gilt issuance at Stg101.4bln and stock of T-bills to remain at

Stg60bln. See Stg22bln for IL Gilts with remainder met by conventional gilts.

See slight increase in medium Gilt issuance to 25% from 20%.

- TD see Gilt issuance between Stg105-110bln with limited deviations across the

sectors. See 25% shorts, 19% medium, 30.5% in Longs and 24% linkers and 1.5%

unallocated. Either smaller syndications or only 4 deals vs 5 in FY 17/18.

- RBC see Gilt issuance at Stg98bln for FY 18/19 with a rise of Stg5bln

contribution from T-bills. Expect shift of issuance from shorter to loner-dated

Gilts, with IL gilt issuance unchanged.