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Consultation Minutes (3/3)

GILTS

The DMO has released the Minutes of its consultation with GEMMs and investors. Highlights are below.

Longs (4 auctions):

  • 3.75% Oct-53 gilt and 1.50% Jul-53 green gilt most mentioned by both GEMMs and investors.
  • GEMMs also supported 1.125% Jan-39 and/or 0.875% Jan-46 (the same gilts had "some support" from investors.
  • There were "a few calls" from GEMMs for 4.00% Oct-63 and 1.125% Oct-73.
Linkers (3 auctions):
  • 2033: Investors support a reopening, GEMMS were unanimous for at least one, "a few" favoured two.
  • 2051: Investors support a reopening GEMMs mentioned among their recommendations.
  • Other GEMM recommendations: 2039, 2045, 2073 and isolated call for new 2054.
  • Investors noted that the "choices of maturities for issuance in Q2 2023-24 should be madeto limit the overall amount of duration supplied in index-linked gilts during the quarter.

Note that the gilt operations calendar will be released on Wednesday 31 May at 7:30BST

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