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Gilt open/Pound collapse

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Approaching Key Support

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Estoxx edges into the green

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GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #1: Today's first gilt auction sees the 0.625% Jun-25 gilt
on offer for GBP3.25bln.
- The current 5-year benchmark will see its final auction before the launch of
the new Jan-26 gilt which is due to be launched at the beginning of June
(although we will see the 0.625% Jan-25 on offer again in July). The GBP3.25bln
on offer will be in line with the prior two auction. The last auction was three
weeks ago and was successful with a tight tail of 0.3bp, a bid-to-cover of
2.83x. After today's auction, the 0.625% Jan-25 gilt will be the gilt most held
by market participants (i.e. excluding BOE and govt holdings).
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP812.5mln available through the PAOF to successful
bidders.

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