#2: GBP2.25bln of the 0.625%...>

GILT AUCTION PREVIEW: #2: GBP2.25bln of the 0.625% Oct-50 gilt will also be on

offer this morning.

- This will be the second auction of the gilt after its syndicated launch in

June. Although the launch was very successful with the DMO placing selling

GBP9.0bln, the first auction of the gilt earlier this month was weak. The tail

of 1.1bp was the widest so far this fiscal year. The bid-to-cover of 1.68x was

the lowest of any gilt auction since November 2019. We do note that the last

three auctions to see a bid-to-cover ratio below 1.70x have been gilts the DMO

has been building up as 30-year benchmarks. After this week's auction, the gilt

is due to be auctioned again on 18 August.

RESULTS: Results will be announced shortly after the auction closes at 11:30BST

with a further GBP562.5mln available to successful bidders via the PAOF.