#1: Issuance will kick off.....>

GILT AUCTION PREVIEW: #1: Issuance will kick off for the week today with

GBP3.25bln of the five-year benchmark 0.625% Jun-25 gilt.

- This gilt was last issued on 19 March in the last auction of the 2019/20

fiscal year, and was also sold on 4 March. These two auctions were both

relatively weak with bid-to-cover ratios below 2x and tails of 1.4bp. The six

auctions prior to this had seen tails of 0.3-0.8bp since the gilt had been

launched in July 2019. However, all auctions since the BoE announced its QE

programme have been much more successful and we would expect another successful

auction.

RESULTS: Auction results will be released shortly after the auction closes at

10:00BST with a further GBP812.5mln available through the PAOF to successful

bidders.