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GILTS: The Minutes of yday's GEMMs and investors consultations have been
released. We have updated our expectations of the gilts to be auctioned.
- Timing of Dec auctions: Unanimous support for long on Dec 5 and short on Dec
17 (as we expected).
- Shorts (2 auctions in FQ4 + 1 in Dec):
Short in Dec: 0.625% Jun-25 and 2% Sep-25 most popular choices (we had expected
the 0.625% Jun-25).
FQ4: Unanimous support for 2 auctions of the 0.625% Jun-25 (as we expected).
- Mediums (2 auctions in FQ4):
Unanimous support for 2 auctions of the 0.875% Oct-29 (as we expected).
- Longs (2 auctions in FQ4 + 1 in Dec):
Long in Dec: Mixed response. The 1.75% Sep-37 was popular with both GEMMs and
investors (which was our expectation). GEMMs also favoured the 1.75% Jan-49.
Investors also called for the 1.75% Jul-57 and the 1.625% Oct-71. (1/2)