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DMO consultation agenda: Mediums

GILTS
  • There are 7 remaining medium auctions (1 already announced, 1 additional on 19 December, 5 in FQ4) with GBP24.6bln still due to be raised (GBP68.3bln target).
  • Note the 19 December auction will be announced alongside the FQ4 calendar at 7:30GMT on 30 November.
  • New 7-year gilt: The DMO is "seeking views on the launch of a new long 7-year gilt in the quarter." We had not expected this but note that there is not a current coupon 2031 gilt. The most obvious place for us would be a maturity in October 2031 (as this is around middle of the current coupon gap).
  • 4.625% Jan-34 gilt: The DMO expects at least 2 reopening of the on-the-run 10-year 4.625% Jan-34 gilt which was launched in October (MNI expected 2-3).
  • 3.75% Jan-38 gilt: The DMO anticipates a reopening of the 3.75% Jan-38 gilt (MNI had expects at least one of the 3.75% Jan-38 gilt or the 1.125% Jan-39 gilt).
  • 0.875% Jul-33 Green gilt: This is not mentioned by the DMO, MNI had expected one auction.
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