/ ISSUANCE: Some notes from DMO on...............>

UK: / ISSUANCE: Some notes from DMO on consultation meetings on Oct-Dec issuance

with Gilt-edged Market Makers and representatives of Gilt investors Monday:

- 8 Gilt auctions scheduled in Oct-Dec : 5 conventional, 3 linkers

- Unanimous recommendation among GEMMs that next syndication should be

re-opening of 1.625% Oct-2071 Gilt, taking place in first half of October

- GEMMs+Investors supported two re-openings of 1.0% 2024; 1.625% 2028 on 6 Nov;

at least one re-open of 2049 (to be auctioned for first time on 11 Sep)

- If not two 2049 auctions, reopening of 1.75% 2037 Gilt preferred alternative

- Investors pointed to potential for additional M/T gilt via tender

- All but one GEMM called for re-opening of 2028 linker, some wanted 2 reopens

- 2036, 2048, and 2056 linkers also highlighted to be reopened 

- DMO to announce Oct-Dec calendar at 0730BST on Fri 31 Aug