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#2: The 0.375% Oct-30 gilt.....>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #2: The 0.375% Oct-30 gilt will be on offer for
GBP3.00bln.
- This will be the second auction of the gilt after the record syndicated launch
six weeks ago which saw GBP12.00bln issued with order books of GBP53.1bln.
Demand was strong again in the reopening earlier this month with a tight tail of
0.1bp, yield of 0.260% and bid-to-cover of 2.75x. The full GBP750mln PAOF was
taken up at the auction leaving GBP15.75bln of the gilt outstanding already, and
it is therefore on its way to establishing itself as the 10-year benchmark. The
0.375% Oct-30 gilt will be offered again on the same day as the 0.125% Jan-26
gilt, 14 July.
RESULTS: Auction results will be released shortly after the auction closes at
11:30BST with a further GBP750mln nominal available through the PAOF to
successful bidders.

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