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#2: The 1.625% Oct-28 gilt.....>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: #2: The 1.625% Oct-28 gilt will also be on offer for
GBP3.00bln today.
- The former 10-year benchmark was the first gilt issued this fiscal year, sold
via tender on April 1. The tender saw an average yield of 0.212%, a bid-to-cover
ratio of 3.45x and a tail of 0.8bp. It has been a very popular gilt for the Bank
of England in its APF programme, accounting for over 50% of the medium-dated
gilts purchased in cash terms since the buckets were redefined when the new
GBP200bln purchase programme was announced on March 20. It is not scheduled to
be auctioned again until at least mid-July based on the DMO's updated auction
calendar..
RESULTS: Auction results will be released shortly after the auction closes at
11:30BST with a further GBP750mln available through the PAOF to successful
bidders.

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