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USDCAD Unwinds Half Of Risk-Off Jump


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GILT AUCTION PREVIEW: #2: Issuance for the week will conclude today with
GBP2.25bln of the 1.25% Oct-41 gilt on offer.
- This will be the second auction this fiscal year of the gilt with further
auctions scheduled for June and July as the DMO builds the gilt into the 20-year
benchmark. Ahead of today's auction there is a nominal GBP4.9bln outstanding of
the issue, of which GBP1.6bln is held by the BOE. Other gilts with similar
maturities are sized closer to GBP25bln with a little under GBP15bln held by the
market (ex BOE and govt). The previous two auctions have seen tails of 0.2bp and
0.3bp with bid-to-cover ratios of 2.18x and 2.58x respectively.
RESULTS: Auction results will be released shortly after the auction closes at
11:30BST with a further GBP562.5mln available through the PAOF to successful

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