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

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #2: Issuance for the week will conclude today with
GBP1.50bln of the 1.625% Oct-54 gilt on offer.
- This is a slightly smaller size auction than the previous auction of the gilt
earlier this month when GBP1.75bln was on offer but in line with the first
offering in this fiscal year (although at that auction the full PAOF proceeds
were taken up). Both auctions so far this fiscal year have seen decent
bid-to-cover ratios of 2.53x and 2.60x with tails of 0.2bp. The gilt continues
to be built up in size and will be on offer again on 24 June.
RESULTS: Auction results will be released shortly after the auction closes at
11:30BST with a further GBP375mln nominal available through the PAOF to
successful bidders.

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