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MNI UK Issuance Deep Dive: Lower Remit and FQ1 Expectations

  • The gilt remit was announced to be GBP124.7bln, around GBP29bln lower than lower at than the MNI median estimate of 12 GEMMs. T-bill sales were announced to be GBP23.2bln (marginally higher than the median estimate).
  • We look at the immediate moves in gilts in response to the lower remit announcement.
  • MNI sets out our expectations of auctions in FQ1 (April to June).
  • We also summarise the headline new policy measures and OBR forecast changes.
Full document including issuance calendar for FY22/23:

MNI_UK_DeepDive_FQ1_2223.pdf

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