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Early sell-side estimates of changes to gilt sales ahead of the Budget

GILTS
  • BNP: GBP21.8bln reduction in gilt sales and GBP1.8bln reduction in net change in T-bill stock. (GBP5.8bln less shorts, GBP4.3bln less mediums, GBP5.9bln less longs, GBP2.3bln less linkers, GBP3.5bln less unallocated adj for green).
  • BofA: GBP25bln cut to gilt sales.
  • HSBC: GBP32bln reduction in gilt sales "alongside small reductions to the T-Bill and NS&I targets"

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