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GILT AUCTION PREVIEW: #1: The 1.25% Jul-27 gilt will be sold on this morning
with GBP2.75bln on offer.
The gilt is currently the shortest maturity medium-dated gilt. The gilt was last
on offer on 22 April with a slightly larger auction size of GBP3.00bln and saw a
bid-to-cover of 2.37x and tail of 0.3bp.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP687.5mln nominal available through the PAOF to