LONDON (Pakistan Point News / Sputnik - 16th July, 2020) The UK government is planning to raise a record 385 billion Pounds ($485 billion) from bond market investors from April to November to fund COVID-19 spending, increasing the issue of debt securities by 110 billion pounds for the period starting in September, the UK Debt Management Office (DMO) said on Thursday in a press release.
In late June, the DMO announced its plans to raise 275 billion in the period from April-August 2020.
"The UK Debt Management Office (DMO) is today publishing a further revision to its 2020-21 financing remit covering the period to end-November 2020. In line with the update on the government's financing needs announced by HM Treasury today, the DMO is planning to raise a minimum of �385 billion during the period April to November 2020 (inclusive) through the issuance of conventional and index-linked gilts," the press release said.
The DMO also unveiled a provisional gilt auction Calendar for the period from September-November, a part of which is intended to hold 38 of such auctions.
At the same time, according to the HM Treasury's estimates, the higher volume of gilts issuance that has been seen so far this financial year due to the pandemic is not expected to occur over the final four months, the press release added.
