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Consultation call summary (2/2)

GILTS

Mediums (3 auctions)

  • All favoured 2-3 auctions of the 1.00% Jan-32, with most supporting three reopenings. This is in line with MNI's expectation.
  • Alternative suggestions were for the 0.375% Oct-30 or the 4.75% Dec-30.
Longs (4 auctions)
  • 1.125% Jan-39 gilt: 1-2 auctions favoured by GEMMs (in line with MNI view), 1 by investors
  • 0.875% Jan-46: 1 auction (in line with MNI view)
  • 1.25% Jul-51: 1-2 auctions favoured by GEMMS, 1 by investors (MNI had looked for one)
  • 0.50% Oct-61: 1 auction favoured by investors, some support by GEMMs (for more on the debate of whether to issue more ultras via auction or just syndication now QE has ended, see the MNI UK Issuance Deep Dive: FQ2 Outlook.
Linkers (3 auctions)
  • Strong preference for one auction of each of the 0.125% Aug-31, the 0.125% Mar-39 Linker and the 0.125% Mar-51.
  • Isolated calls for 0.125% Mar-26, 0.125% Nov-56 and 0.125% Mar-73.
The gilt operations calendar for FQ2 (July to September) will be released at 7:30BST on Tuesday 31 May.

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