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Gilt calendar for Jan-Mar due at 7:30GMT (1/2)

GILTS

Just a reminder that the gilt operations calendar for FQ4 (the January to March period) will be released at 7:30GMT. Our expectations and views from the GEMM/Investor Consultations are below.

  • Shorts (2 auctions): Proposed 11 January, 2 March. Most investors and GEMMs supported one reopening each of the of 0.25% Jan-25 and 0.375% Oct-26 as MNI expected (some investors/GEMMs preferred waiting for the 0.50% Jan-29 to move into the short bucket later for the March auction). There was also concern about liquidity of shorts.
  • Mediums (2 auctions): Proposed 18 January, 15 February. GEMMS generally recommend two reopenings of new Jan-32 gilt but investors are split between two 10-year reopenings and one 10-year reopening alongside a reopening of the 0.50% Jan-29 gilt.

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