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One last note on the UK remit - auctions......>

GILTS
GILTS: One last note on the UK remit - auctions sizes for mediums/longs/linkers
are all a similar intended size relative to this time last year. However,
auction sizes of shorts are higher, expected to be GBP3.40bln vs GBP2.94bln in
last year's initial remit. If short auction sizes hadn't increased there would
be 17 rather than 15 short-dated auctions scheduled for the year. This is more
in line with the average auction sizes for shorts since the January update. The
market has digested these bigger auctions fine so far but if the remit is
increased, and short issuance increases proportionally, it is unclear whether
the number of auctions would increase of it auction sizes would increase
further.

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