(Continued) One scenario will be an update to...>

UK: (Continued)  One scenario will be an update to the April scenario including

a "sharp rebound in activity and no medium-term economic scarring", one a slower

recovery and "some scarring to potential GDP" and the final scenario "one where

the recovery is slower still and scarring is deeper". These updates will be

presented alongside the usual long term projections in the FSR.

- We have seen very little from the sell-side into how this will translate into

the DMO's remit update for the period to November due on Thursday yet. The

previous update saw a target of GBP275bln for the period of April to August. To

date GBP203.9bln has been raised and we estimate that the DMO is on target to

raise GBP275-285bln by the end of August depending on PAOF proceeds. Our initial

estimate prior to the OBR report is that the DMO will announce an issuance

target of GBP350-365bln until November with issuance for September at a similar

but slightly slower pace than August with three auctions per week before a

slowdown in issuance for October and November with 2-3 auctions per week. (2/2)

- For more on the economic data, auction previews and QE and cash flow trackers

see the MNI Gilt Week Ahead sent to MNI Markets clients at 6:37BST.