HALISTER1: Gilt Auction Pipeline Jumps GBP30b in 2017-19, DMO Shows: Scotia

Gilt Auction Pipeline Jumps GBP30b in 2017-19, DMO Shows: Scotia

(Bloomberg) -- While the GBP5.5b upward revision to U.K.’s 2016-17 borrowing estimate was largely as expected, the budget shows a GBP30b increase over the two following years, ScotiaBank economist Alan Clarke writes.
  • That was echoed in the DMO remit indicative financing requirement, which shows gilt issuance for 2016-17 will be broadly as expected, but includes an unexpected additional ~GBP30b of issuance over the following two years
  • NOTE: DMO table shows illustrative gross financing requirement of GBP126.5b for 2017/18 and GBP105.5b for the following year versus GBP117b and GBP86b respectively in its November report
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Source: BFW (Bloomberg First Word)

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Alan Clarke (Bank of Nova Scotia/The)

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