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DMO 2020/21 to raise GBP60bln/month May-Jul...>

GILTS
GILTS: DMO 2020/21 to raise GBP60bln/month May-Jul (GBP180bln total) - up from
the GBP45bln/month pace in April. This is faster than expected.
- Further update to the remit covering the remainder of the fiscal year will be
announced on Mon 29 June.
- DMO expects to build 2 key benchmarks at the same maturity (5,10,20,30) during
2020/21
- Pace of 4 auctions on 2 consecutive days as in April. PAOF also maintained at
25% as in April.
- Expected auction sizes also larger with April targets marking the bottom of
the ranges:
1-5 year GBP3.25-4.00bln (Apr GBP3.25bln)
5-7 year GBP3.00-3.75bln (Apr GBP3.0bln)
7-15 year GBP2.75-3.5bln (Apr GBP2.75bln)
15-30 year: GBP2.00-2.75bln (Apr GBP2.00bln)
30+ year GBP1.75-2.50bln (Apr GBP1.75bln)
Linker GBP1.00-1.75bln (Mar GBP1.40bln) (1/2)

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