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DMO consultation feedback on 4 medium auctions

GILTS
  • New Jan-34 gilt: Strongly supported for 2 auctions from both GEMMs and investors. MNI had previously expected 3 auctions (one per month) of the new long 10-year gilt with an expected maturity of 31 January 2034. The DMO has offered the on-the-run 10-year conventional gilt at auction at least every month since July 2022, and demand has remained strong in this area. We now expect 2-3 auctions.
  • 0.875% Jul-33 Green gilt: 1 auction widely recommended by GEMMS and strongly supported by investors. MNI expects 1 auction.
  • 3.75% Jan-38 gilt: 1 auction "widely recommended" by GEMMs and by "a few" investors. MNI now thinks it would be more likely to have 2 auctions of the new Jan-34 gilt with 1 auction of the 3.75% Jan-38 gilt.

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