#2: Issuance for the week......>

GILT AUCTION PREVIEW: #2: Issuance for the week will round off tomorrow with the

current 30-year benchmark gilt, the 1.75% Jan-49. GBP2.0bln will be on offer.

- The previous auction of this gilt on 18 March was relatively unsuccessful.

Despite a decent bid-to-cover of 2.12x, there was a wide tail of 1.8bp. However,

in April so far there have been three other long auctions, all of which have

seen a bid-to-cover of at least 2.5x with the widest tail 0.3bp. So far the

1.75% Jan-49 has been the long-dated gilt that has seen the highest volume of

BOE purchases since the medium-dated bucket was redefined and QE was restarted

on March 20.

- The 1.75% Jan-49 gilt will also be sold again later this month on 29 April.

RESULTS: Auction results will be released shortly after the auction closes at

11:30BST with a further GBP500mln available through the PAOF to successful

bidders.