On Monday the DMO will hold its quarterly.....>

GILTS: On Monday the DMO will hold its quarterly investor and GEMMs meetings

where issuance for fiscal Q2 will be discussed.

- Views on a linker syndication in July are being sought as well as early views

on a conventional syndication in Sep.

- Views sought on when the new 5-year gilt will be launched. Based on previous

years we would expect a July launch with all three short auctions to be for the

5-year to build up its size quickly.

- There are only two medium auctions and we would expect both of these to be for

the new Oct-2029 gilt which is due to launch on 18-Jun.

- There are two long auctions and we would expect at least one of these to be

reopenings of the Jan-2049 gilt to build it up to benchmark size. With a

syndication due in September, there is also the possibility there will be demand

for a shorter maturity than the 30y.

- There is less of a clear case for which linkers will be favoured for the two

scheduled auctions and syndication.

- The DMO is also seeking views on demand for issuance via mini-tenders.