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The DMO announces it will issue a gross GBP194.8bln in gilts in 2021-22, which is well below expectations (GBP218.8bln Reuters poll, GBP219.6bln Bloomberg).

  • That's a reduction of GBP57.8bln from the amount projected in April, which is at or beyond the high end of sell-side expectations.
  • Accordingly (and as we had expected in our Gilt Week Ahead in the case of a remit cut at the high end of expectations), DMO announced a reduction in auction issuance. The amount will fall by GBP49.9bln to GBP151.7bln, with the number of auctions falling by 19, to 14.
  • See table below.
  • Bill sales will fall by GBP25.0bln to negative GBP23.2bln (ie net stock reduction).

Source: DMO