DMO reported today on issuance................>

GILTS: DMO reported today on issuance consultations on Monday 26 Nov with GEMMs

and representatives of Gilt investors. Announcement on Q119 issuance Fri at

0730GMT. Key takeaways:

- Nine gilt auctions are scheduled in January-March 2019: seven of conventional

gilts and two of index-linked gilts.

- 1.00% Apr-24 appears choice of Short Gilt to be auctioned twice in Q119

- 1.625% Oct-28 appears recommendation for the two Medium Term re-openings

- For 3 Long Gilt sales, most recommended were 1.75% Sep-37, 1.75% Jan-49, and

1.75% Jul-57. Some calls for 2037 and 2049 to be sold 2 or 3 times each.

- For 2 linkers, strong support was for 0.125% Aug-28 and 0.125% Aug-48.

- Strong indications that syndication should be for a reopening of 0.125%

Aug-41. Opinions were, however, divided between late January and early February

for the timing.

- Discussion about possible marginal changes to the scheduling of auctions

in the quarter to reflect timing options for the index-linked syndication and

the index extension occurring on 22 March 2018.