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#1: The 1.50% Jul-26 will be...>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #1: The 1.50% Jul-26 will be sold tomorrow with GBP3.0bln
on offer.
- The last auction of the issue in February saw a relatively wide tail of 1.0bp
(this was the only auction of the gilt since February 2017). Last week's auction
of the 2.00% Sep-25 gilt was the weakest auction of the week but was still
decent with a bid-to-cover of 2.67x and a tail of 0.7bp.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP750mln available through the PAOF to successful
bidders.

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