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Yesterday the DMO held its quarterly..........>

GILTS: Yesterday the DMO held its quarterly investor and GEMMs meetings
discussing issuance for fiscal Q2.
- Shorts (3 auctions): Opinions divided between three auctions of the new 5-year
or two auctions of the new 5-year and a final auction of Apr-24.
- Medium (2 auctions): Unanimous in favour of two re-openings of the new
Oct-2029 gilt which is due to launch on 18-Jun.
- Long (2 auctions): Most favoured at least one reopening of the Jan-2049
benchmark (some GEMMS favoured two). The Sep-2037 was also frequently suggested.
Both GEMMs and investors also suggested a new 25-year with both suggesting a
2041 maturity and investors also suggesting a 2043 maturity. Some investors also
favoured longer maturities.
- Linkers (2 auctions): Varied calls with 2028 and 2048 most frequently cited
but no strong conviction.
- Linker syndication (July): Most favoured 2041 with some calls for 2056.
- Conventional syndication (Sep): Oct-54 and Oct-71 most favoured with some
calls for new 35y.

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