Consultation call summary (1/2)

Syndication

• All GEMMs and the "overwhelming majority" of investors favoured a reopening of the 1.125% Oct-73 gilt, with the W/C 20 June the favoured date.
• Most also supported the DMO's suggestion of a reopening of the 1.50% Jul-53 Green gilt. Most had no preference of July or September, but of those that did more GEMMs preferred July and more investors preferred September.

• Most recommended reopening both the 0.25% Jan-25 and the 0.50% Jan-29 once.
• As we discussed in the MNI UK Issuance Deep Dive: FQ2 Outlook, we think there is no obvious place for a new 5-year gilt to mature so the DMO might be better off postponing the launch to a later quarter. There was only a minority of GEMMs who preferred a new 5-year gilt (and most of those preferred a 2027 maturity) with others suggesting reopening an existing off-the-run gilt as the third auction. Investors also preferred reopening an existing gilt rather than launch a new 5-year.