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

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #1: Issuance will kick off for the week this morning with
GBP3.25bln of the 2.00% Sep-25 gilt on offer.
- The gilt was last auctioned four weeks ago on April 8 and saw an average yield
of 0.119% and a decent bid-to-cover of 2.67x but the widest tail of any
conventional auction (i.e. excluding tenders) so far this fiscal year of 0.7bp.
Prior to this auction, the gilt was very close to the Bank of England's 70% free
float threshold in order to qualify for APF purchases.
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.

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