POLAND: NBP's Litwiniuk Favours 50bp Rate Cut in May

• Chancellor Reeves will begin delivering the Spring Statement tomorrow in the House of Commons immediately after Prime Ministers’ Questions concludes – so slightly after 12:30GMT / 13:30CET / 8:30ET.
• Given the limited content, the FT is reporting that the speech will only be 25 minutes long.
• The gilt remit and full OBR forecasts are normally published when the statement is finished – so around 13:00GMT (possibly slightly before or a little later). Note that in previous years with longer speeches, this has been more like 13:30.
• We would then expect the DMO to announce the consultation agenda for its FQ1 issuance (the remainder of April through to June) at 15:30GMT. This will likely include a more granular breakdown of which auctions in FQ1 are for each maturity bucket, with guidance on which gilts will be issued (see page 4 of the MNI Spring Statement Preview).
• The DMO is to hold consultations with investors and GEMMs on 31 March.
• The rest of the FQ1 (remainder of April through to June) gilt operations calendar will be published at 7:30BST on Friday 4 April.

CIBC note that “the FTSE Canada Universe Bond Index will experience a modest extension of +0.033yrs on Apr 1, mainly from Canada Apr 1/26 (C$10.19bln) and Quebec Apr 1/26 (C$2.49bln) bonds rolling out of the index. The Short segment will also extend by +0.024yrs for the same reason. Meanwhile, modified durations of the Mid and Long segments will remain basically unchanged that day. Payment of approximately C$446mln in Apr 1 coupons will have minimal contribution to the extension.”

• GBP500.0mln had been on offer.
• This leaves GBP30.479bln of the gilt in issue.