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

GILTS
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.

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