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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
the reopening of the 1.50% Jul-26 gilt for GBP3.00bln.
- The gilt was last on offer exactly two months prior to this auction on 16
April. That auction saw a bid-to-cover ratio of 2.38x and a tail of 0.4bp with
over 20% of the PAOF amount taken up. The gilt is currently ineligible for
purchases under the BoE's APF scheme as the Bank owns over 70% of the free
float, but will become eligible once again next week after these auction
proceeds are taken into account.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP750mln nominal available through the PAOF to
successful bidders.

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