#1: The 1.50% Jul-26 gilt......>

GILT AUCTION PREVIEW: #1: The 1.50% Jul-26 gilt will kick off issuance for the

week this morning with GBP3.0bln on offer.

- This will be the third auction of the gilt this fiscal year (it is not

currently scheduled to be auctioned again). The previous two auctions have seen

decent demand with bid-to-covers of 2.38x and 2.67x and tails of 0.4bp and

0.2bp. There has also been decent use of the PAOF after the auctions with over

20% of the extra 25% on offer taken up at both auctions. The gilt continues to

trade at a premium to both the recently launched 0.125% Jan-26 gilt and the

1.25% Jul-27 gilt. However the premium to the 0.125% Jan-26 gilt has fallen over

the past couple of weeks.

RESULTS: Results will be announced shortly after the auction closes at 10:00BST

with a further GBP750mln available to successful bidders via the PAOF.