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FQ3 Operations calendar: Shorts and Mediums

UK DMO UPDATE
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

Shorts: 5 auctions

  • 3.75% Mar-27 gilt: 2 auctions: 2 July (note moved from 3 July), 21 August.
  • 4.125% Jul-29: 3 auctions: 17 July, 7 August, 5 September (note moved from 3 September).
  • MNI comment: Dates and number of auctions exactly in line with our expectations (other than the slight adjusteds to teh July/September calendar dates (but the DMO consultation noted that there were split views between which of these gilts was reopened 3 times).
Mediums: 6 auctions
  • 4.00% Oct-31 gilt: 2 auctions: 11 July, 25 September. We had only pencilled in one due to the relatively poor demand seen in auctions for this gilt thus far, but had flagged the possibility of 2 auctions. We also note that these are spread as far apart in the quarter as possible.
  • 0.875% Jul-33 green gilt: 1 auction (as we expected) on 18 September (auction moved from 24 July).
  • New 10-year Jul-34 gilt: 2 reopenings (we had expeted 3): 30 July, 11 September (the DMO is giving a slightly longer gap between the June syndication and the first reopening than we expected).
  • 3.75% Jan-38 gilt: 1 reopening (as expected): 13 August.
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Shorts: 5 auctions

  • 3.75% Mar-27 gilt: 2 auctions: 2 July (note moved from 3 July), 21 August.
  • 4.125% Jul-29: 3 auctions: 17 July, 7 August, 5 September (note moved from 3 September).
  • MNI comment: Dates and number of auctions exactly in line with our expectations (other than the slight adjusteds to teh July/September calendar dates (but the DMO consultation noted that there were split views between which of these gilts was reopened 3 times).
Mediums: 6 auctions
  • 4.00% Oct-31 gilt: 2 auctions: 11 July, 25 September. We had only pencilled in one due to the relatively poor demand seen in auctions for this gilt thus far, but had flagged the possibility of 2 auctions. We also note that these are spread as far apart in the quarter as possible.
  • 0.875% Jul-33 green gilt: 1 auction (as we expected) on 18 September (auction moved from 24 July).
  • New 10-year Jul-34 gilt: 2 reopenings (we had expeted 3): 30 July, 11 September (the DMO is giving a slightly longer gap between the June syndication and the first reopening than we expected).
  • 3.75% Jan-38 gilt: 1 reopening (as expected): 13 August.