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DMO consultation: Shorts

GILTS
  • GEMMs and investors both favoured continued focus on building benchmarks with re-openings of the 0.125% Jan-24 and 0.125% Jan-26 gilts. There was also "widely expressed" support from GEMMs and "the possibility" of a new 5-year gilt. GEMMs noted potential maturity dates of Oct-26 or Jan-27. In terms of other gilts investors mentioned 1.00% Apr-24 while some GEMMs recommended gilts "specifically those in demand in the repo market".
  • We continue to expect the DMO to stick to benchmarks in this area. We look for the 0.125% Jan-26 gilt to be auctioned once more in January before a new Oct-26 gilt is launched in February and reopened in March. We expect the 0.125% Jan-24 gilt to be reopened once in each of January, February and March.

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