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T-bill auction sizes to impact gilt issuance?

GILTS
  • Note that next week's T-bill auctions will raise the larger sum of GBP3.00bln rather than the GBP1.75bln we have seen recently with both the 3-month and 6-month amounts on offer to increase.
  • Remember that next week we have the Spending Review on Wednesday which will encompass new economic and fiscal forecasts from the OBR as well as a new remit from the DMO.
  • With these events in the calendar next week, it seems interesting that the DMO has chosen now to change the size of bill auctions.
  • It's probably trying to read through the lines a little too much, but this could have some potential knock-on effects to gilt issuance if the DMO decides to increase the stock of T-bills through larger auctions through the rest of the fiscal year.
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