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Remit revision expected today

GILTS
  • The UK DMO is likely to tweak its gilt remit this morning following the release of the final CGNCR outcome for the 2022/23 tax year.
  • Last year's announcement was made at 7:30GMT, so with no official timings announced, we look for a similarly timed announcement today. The CGNCR data is due at 7:00GMT.
  • The 2023/24 remit assumes CGNCR of GBP115.4bln for the 2022/23 fiscal year. Today's remit announcement will also take into account NS&I’s net financing provisional outturn for 2022/23 as well as other items including ("financing through non-governmental deposits, revenue from coinage, certificates of tax deposit and foreign exchange transactions relating to the Exchange Equalisation Account).
  • As a reminder the UK gilt remit for 2023/24 sees GBP241.1bln of gilt sales:
    • GBP86.7bln shorts (20 auctions)
    • GBP65.3bln mediums (19 auctions)
    • GBP50.9bln longs (14 auctions, 4 syndications)
    • GBP26.2bln linkers (14 auctions, 3 syndications)
    • GBP12.0bln unallocated

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