DMO consultation outcome (part 2)

Shorts

• MNI had favoured 3 reopenings of the 0.375% Oct-26, a new Jan-25 gilt and potentially a reopening of the 0.125% Jan-24.
• 0.375% Oct-26: GEMMs preferred 2-3 reopenings of the 0.375% Oct-26 with investors "a number of reopenings" of the gilt (MNI had expected 3 reopenings).
• 3-year (0.125% Jan-24/New Jan-25): Some calls from GEMMs for the 0.125% Jan-24 with "a number of recommendations" from GEMMs for a new Jan-25 gilt. Both were mentioned by investors, with investors also mentioning a potential Oct-24 maturity.
• 0.125% Jan-28: Significant support among GEMMs for one reopening, mentioned by investors as a possibility.
• Other gilts mentioned: 0.125% Jan-26 (GEMMs), 0.625% Jun-25 (GEMMs), 1.50% Jul-26 (investors), new Oct-27 gilt (GEMMs).

• 0.25% Jul-31: 3 reopenings favoured by GEMMS (in line with MNI expectation). "Reopenings widely supported" by investors.
• 15-year: Strong support from GEMMs for one reopening of the 0.625% Jul-35. MNI had expected a new 2036 which was mentioned with isolated calls.
• Other gilts mentioned: New 2028/29/32 (investors), New Jul-29 (GEMMs), 0.875% Oct-29 (GEMMs), 4.75% Dec-30 (GEMMs).