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UK Issuance Deep Dive: Spring Statement 2022 Preview

  • We look at expectations ahead of the Spring Statement. A median of 12 GEMM expectations for the remit comes in at GBP153.5bln with estimates ranging from GBP124.5bln to GBP211.2bln. We also look at the expected breakdown by maturity bucket.
  • A median of 10 GEMMs expect the target stock of T-bills to be GBP20.4bln, with 8/10 looking for an increase to the stock in the GBP15-30bln range.
  • We outline the major potential new measures that Sunak may be considering.
  • Out political risk team notes that this is a parliamentary event that at the start of the year would have likely passed with relatively little fanfare, but now due to spiking inflationary pressures and the war in Ukraine, is garnering significant political focus.
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