BOE: APF Sales Schedule for Q3-25 Due at 16:30BST
Jun-20 15:23
- The BOE is due to announce its APF sales scheduled for Q3 at 16:30BST this afternoon.
- So far this year the BOE has reduced the balance sheet in initial proceeds terms by GBP9.2bln (out of a planned GBP12.8bln). This leaves GBP3.65bln in initial proceeds terms to be sold over the upcoming quarter.
- The main question here is whether there are two long dated operations in the quarter alongside one medium dated operation or will there be one operation of each bucket in the quarter. We haven't seen strong opinions on this from either sellside analysts or other market participants that we have spoken to.
- Short gilts were on average bought at a 43% premium to current rates, mediums at a premium of 73% to current levels and longs at a premium of 193% to current levels.
- In terms of operations sizes the prior quarter saw sizes of GBP600mln for long and GBP750mln for short and medium originally proposed before the long-dated operation was cancelled in favour of an extra short.
- Equalling the size of the three operations in initial proceeds terms would be around GBP400mln for longs, GBP850mln for shorts and GBP700mln for mediums.
- Another option would be two GBP400mln long operations and one GBP700mln medium operation.
- Or alternatively GBP600mln for each of the maturity buckets.
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