STIR: /SWAPS: GBP 1y1y Hovers Above ‘25 Low, Fresh Catalyst Needed, Greene Eyed

• CGNCR for 2025-26 is GBP142.7bln (median we had seen was GBP146.0bln) - this is where the marginally lower gilt remit than the median exp comes from.
• T-bill issuance: GBP5bln increase in stock (that's broadly in line with exp)

{GB} GILTS: Gilts rally from lows as the remit for FY25/26 comes in below the median of sell-side estimates (GBP299.2bln vs. median GBP303bln and a range of GBP292-321bln).

• That allows futures to retest session highs, while curves move away from session steeps.
• Recovery limited by the uptick in the unallocated bucket size in the gilt remit, which we assume is likely to end up in mediums/longs. This also muddies the maturity profile of the planned issuance a little.

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