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#1: The 1.00% Apr-24 gilt......>

GILT AUCTION PREVIEW: #1: The 1.00% Apr-24 gilt will be on offer for GBP3.25bln
this morning.
- The gilt was last sold on 22 April achieving a bid-to-cover of 2.55x, yield of
0.123% and a tail of 0.2bp. Prior to that the 1.00% Apr-24 gilt had last been
sold via auction in June 2019 (a time it was the five year benchmark gilt). All
short-dated auctions through May and June have seen bid-to-cover ratios ranging
from 2.15x to 2.88x and tails of 0.2bp to 0.4bp. The 1.00% Apr-24 gilt had been
trading at a negative yield yesterday and gilts are set to open at lower yields
than yesterday following the risk off tone following the FOMC and increase in
Covid-19 cases in the US. This increases the chances that today's auction is the
third ever gilt auction to price at a negative yield.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP812.5mln nominal available through the PAOF to
successful bidders.

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