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

GILTS
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).

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