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

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #1 Issuance will kick off for the week with GBP3.0bln of
the benchmark 10-year gilt - the 0.875% Oct-29.
- This is likely to be the last auction of the gilt ahead of the launch via
syndication of the new Oct-30 gilt on 12 May. This will be the eleventh auction
of the gilt and the previous six auctions have all seen bid-to-cover ratios in
excess of 2x. The previous auction on 15 April saw a bid-to-cover ratio of 2.94x
and a tail of 0.3bp.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP750mln available through the PAOF to successful
bidders.

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