DMO releases minutes of GEMMS meeting.........>

GILTS: DMO releases minutes of GEMMS meeting yesterday:

* Nine gilt auctions are scheduled in July-September 2018: 7 conventional gilts

and 2 of index-linked gilts.

* Syndications: Views broadly split between launch of a new index-linked gilt in

the 25-year area and a re-opening of IL 2048. There were isolated calls for a

new IL gilt in the 15 to 25-year area and a new 30-year maturity. There was a

consensus in favour of early to mid-July for the timing of the transaction.

* Short-dated: Virtually all attendees recommended launch and subsequent

re-opening of a new 5 to 6-yr gilt in Q2

* Medium-dated: Almost unanimous support for 3 re-openings of the new 1.625%

2028, with isolated calls for an auction of 2% 2025 and 1.25% 2027.

* Long-dated: Almost all GEMMs advocated launch by auction of a new 30-year

gilt, with a number recommending that it be re-opened during the quarter. There

were also recommendations for a re-opening of 1.75% 2057 alongside the launch of

a new 30-year gilt.

* IL Gilt: new IL 2028, to be launched on 20 June 2018, was the strongest pref.