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DMO FQ2: Long auction operations (6 auctions)

GILTS
  • Strong demand for ultra-long gilts noted by both GEMMs and investors.
  • 0.875% Jan-46 (1 auction): We had expected 2 reopenings. Auction will be on 17 August.
  • 1.25% Jul-51 (2 auctions): Two reopenings of the 30-year gilt (as expected by MNI and recommended by GEMMs). On 3 August and 28 September.
  • 0.50% Oct-61 (1 auction): In line with MNI expectations and investors/GEMMs. Auction on 6 July.
  • 1.625% Oct-71 (2 auctions): We had expected 1 auction. Auctions will be on 20 July and 7 September.
  • Just note that the long auction scheduled for 13 July has been moved to 20 July with the 2039 syndication due to take place in the week of 12 July.

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