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Q3 APF Schedule: Long sales reduced as we expected

BOE
  • Short operations: 4 at GBP800mln: Total: GBP3.2bln (Q2: 4 at GBP800mln, total GBP3.2bln)
  • Medium operations: 4 at GBP725mln: Total: GBP2.9bln (Q2: 4 at GBP750mln, total GBP3.0bln)
  • Long operations: 2 at GBP650mln: Total: GBP1.3bln (Q2: 3 at GBP600mln, total GBP1.8bln)
  • We had expected totals of GBP3.2bln for shorts, GBP3.0bln for mediums and GBP1.2bln for longs - so very much in line with our expectations (although we had expected the longs to be over 3 ops rather than 2).
  • The wording about it being the last operation of the year and there being potential to tweak the last operation is unchanged from the announcement in June 2023.

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