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DMO Consultation Minutes: Shorts

GILTS
  • There are 8 remaining short auctions (2 already announced, 6 in FQ4) with GBP35.1bln still due to be raised (GBP86.6bln target).
  • New 3-year gilt: GEMMs strongly supported 3 auctions a new 3-year gilt (maturing 2026 or 2027) The DMO has noted it intends to launch and reopen at least once a new 3-year gilt (as we expected). MNI expects 2-3 auctions of this new 3-year gilt in the quarter.
  • 4.50% Jun-28 gilt: There was very strong support from GEMMs for 3 reopenings in the quarter of the short 5-year gilt that was launched in June (in line with MNI's expectation). (In addition to the auction on 12 December).
  • Isolated GEMM calls: For reopenings of the 3.50% Oct-25 and 0.50% Jan-29 gilts.
  • Investors: Supported launch and subsequent reopenings of the new 3-year gilt and 4.50% Jun-28 gilt.
  • FQ4 auction dates: 10-Jan, 24-Jan, 07-Feb, 21-Feb, 06-Mar, 19-Mar
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