/ISSUANCE OUTLOOK: Next week will see the.....>

GILTS: /ISSUANCE OUTLOOK: Next week will see the 0.875% Oct-29 conventional gilt

tapped on Tuesday July 23. Stg2.75bln nominal is on offer with an additional

Stg412.5mln available through the PAOF. This is the second auction of the issue,

which was launched on 18 June with a yield of 0.889%, a bid-to-cover of 2.10x

and a tail of 0.7bps. The issue is due to be tapped again on 5 September, and

will likely be tapped twice between Oct-Dec and twice between Jan-Mar.

- The 1.75% Jul-19 gilt also matures on Monday 22 July. It has a size of

Stg36.5bln of which Stg3.77bln is held by the BoE. This means that the BoE will

be back in the market reinvesting next week. It plans to buy Stg1.28bln of

short-dated gilts on Monday 22 July, Stg1.28bln of long-dated gilts on Tuesday

23 July and a further Stg1.28bln of medium-dated gilts on Wednesday 24 July.

- The week ahead will also see Stg3,834mln returned to the market through coupon

payments, of which Stg824mln will be paid to the BoE, leaving a net coupon

payment of Stg3,010mln ex-BoE coupon payment.

- For the full document see: https://emedia.marketnews.com/UKCFM180719.pdf