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MNI expected issuance breakdown - Shorts and Mediums

GILTS

MNI Expected Issuance Breakdown for Jan-Mar

  • Shorts GBP23.9bln - 8 auctions. We already have the 0.125% Jan-26 and 0.125% Jan-24 auctions in December. We expect the DMO to stick to benchmarks in this area. We look for the 0.125% Jan-26 gilt to be auctioned once more in January before a new Oct-26 gilt is launched in February and reopened in March. We expect the 0.125% Jan-24 gilt to be reopened once in each of January, February and March.
  • Mediums: GBP26.5bln - 8 auctions. We already have one auction of each of the 0.125% Jul-31 and 0.625% Jul-35 gilts scheduled for December. We look for the 0.125% Jul-31 gilt to be reopened three times in the January-March period but the 0.625% gilt to be reopened only twice. We expect the final medium-dated auction will see either the 0.875% Oct-29 gilt auctioned.

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