BOE sets Q3 2026 gilt sales schedule
The Bank of England has published its schedule for gilt sales in Q3 2026, continuing the reduction of its Asset Purchase Facility (APF). These sales aim to reduce the stock of gilts by £70 billion over the period from October 2025 to September 2026.
Reducing the APF stock
The Monetary Policy Committee (MPC) decided in September 2025 to reduce the stock of gilts held in the APF by £70 billion, bringing the total to £488 billion by September 2026.
This reduction is being implemented over the period from October 2025 to September 2026.
The Bank previously committed to publishing quarterly schedules for these sales, aiming for an even reduction across maturity sectors.
The current notice details the sales for Q3 2026, covering the period from July 20 to the week of September 14, 2026.
The Bank also aims to sell fewer long-maturity gilts to better reflect market demand, a strategy established in September 2025.
Q3 2026 auction specifics
For Q3 2026, the Bank will sell short maturity sector bonds across three auctions of £725 million and medium maturity sector bonds across two auctions of £600 million.
Short maturity gilts are defined as 3-7 years residual maturity, and medium maturity gilts as 7-20 years.
The auction calendar includes sales on July 20 (Medium, £600mn), July 27 (Short, £725mn), August 10 (Medium, £600mn), August 17 (Short, £725mn), and September 14 (Short, £725mn).
The Bank reserves the right to adjust the schedule, including auction sizes, to meet the overall £70 billion reduction target, especially as this is the final quarter of the current period.
Routine, with future signals
This market notice provides routine operational details for the ongoing gilt sales program, ensuring transparency for market participants.
Its primary relevance confirms the final quarter's schedule and the potential for minor adjustments to meet the overall reduction target.
The upcoming MPC review in September will be crucial for understanding the Bank's future approach to APF unwinding.