The UK Treasury will seek to borrow a monthly record of £45 billion in April — by selling UK government debt securities (bonds) to institutional investors — to help fund its support of the UK economy during the coronavirus crisis.

The UK’s Debt Management Office announced it would seek to borrow £45 billion in April — which would be a record sale of UK government debt securities — compared with an anticipated figure of £16 billion at the time of the UK Budget.

“To facilitate the government’s immediate financing needs related to its interventions to support the economy through the period of disruption caused by COVID-19, HM Treasury has authorised the UK Debt Management Office (DMO) to announce an exceptional revision to its gilt issuance plans for the calendar month of April 2020,” said the Debt Management Office.

“The effect of this change will be to bring forward some gilt financing ahead of the comprehensive remit revision, which will be announced on Thursday 23 April 2020.

“To this end, the DMO is today announcing a revised operations calendar for the month of April 2020, which amends the previously announced issuance plans for the four weeks commencing Monday 6 April 2020.

“The two operations announced for 1 and 2 April 2020 remain unchanged.

“The revised calendar is designed to raise £45 billion in total through gilt sales over the course of the month, principally through the sale of conventional gilts and in maturities across the curve.”