There is a decent focus on benchmark..........>

GILTS: There is a decent focus on benchmark building in the May-July calendar,

particularly in mediums and 30+ years with the launch of a new Jan-26, new

Oct-30 and new 2050 gilts. There will also be the launch of a new Oct-61 gilt

via syndication.

Highlights below:

Under 5 year: 7 auctions (3 of 0.125% Jan-23)

5-7 year: 7 auctions (3 of new Jan-26, 2 of 0.625% Jun-25)

Other short auctions: 4 in July with no details

7-15 year: 9 auctions (3 of new Jan-28, 3 of new Oct-30) plus one syndication

(launch of Oct-30 on 12 May)

15-30 year: 6 auctions (3 of 1.25% Oct-41)

30+ year: 7 auctions (3 of 1.625% Oct-54, 2 of new 2050) plus two syndications

(launch of new Oct-61 on 19 May in May and new 2050 in first half of June)

Other long auctions: 2 which we don't have details for in July

Linkers: 6 auctions (2028, 2029, 2036, 2041, 2048 plus one unspecified in July).