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Gilt issuance in years ahead to be about 50% higher than pre-crisis

GILTS
  • The MNI Markets team have GBP19.3bln issuance pencilled in for December.
  • So that leaves just over GBP24bln to be issued per month from Jan-Mar.
  • That's down from GBP31bln in Nov, GBP38bln in Oct, GBP45bln in Sep. So there's a downward trajectory there.
  • But this sustained increase in borrowing is here to stay - we are looking at GBP20bln+/month of issuance for the next few years. This is around 50% higher borrowing on a sustained basis than the roughly GBP13/month expected pre-crisis.
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