Today the Oct-Dec issuance calendar will be...>

GILTS: Today the Oct-Dec issuance calendar will be released at 07:30BST. We

would expect issuance to be broadly in line with the outcome of the consultation

meeting.

- Shorts (2 auctions): We expect both auctions to sell 0.625% Jun-25 gilt.

- Mediums (3 auctions): We expect all 3 auctions to be for the 0.875% Oct-29.

- Longs (2 auctions): We expect both auctions to be for the 1.75% Jan-49 gilt,

but with lower conviction. While one auction for the 1.75% Jan-49 gilt is almost

certain there is a possibility of either a new 20-year or 25-year gilt, or a tap

of the 1.75% Sep-37, 1.75% Jul-57 or 1.625% Oct-71 gilt.

- Linkers (3 auctions): We expect one auction of the 0.125% Aug-28 linker, one

auction of the 0.125% Nov-36 linker and one auction of the 0.125% Aug-48 linker.

There is a possibility of two auctions of the 0.125% Aug-28 linker or an auction

of either a new 15-year linker, the 0.125% Aug-41 linker or the 0.125% Nov-56

linker.