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A Boost From the Budget

Wednesday’s U.K. budget is likely to help government debt gain even more

The U.K. budget on Nov. 22 could spark a government-bond rally into year-end, with the Debt Management Office likely to reduce its borrowing target for 2017/2018, according to RBC Capital Markets. Gilts are already one of the best performers over the past 12 months among major sovereign-debt markets and may be further supported as supply tightens, especially longer maturities, said Sam Hill, an economist at RBC. The bank expects the DMO to lower gilt issuance by about 5 billion pounds ($6.6 billion) from its 114.2 billion-pound projection.

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