On Nov 15 the UK Debt..........>

GILT AUCTION PREVIEW: On Nov 15 the UK Debt Management Office taps the market

for E2.0bln, re-opening the 20-year benchmark 1.75% Sep-37 Gilt.

- HISTORY: For comparison, at the last auction of the 1.75% Sep-37 Gilt, the DMO

allotted E2.59bln at an average yield of 1.782% with a bid-to-cover ratio of

2.02x.

- RV/BACKGROUND: The 20-year benchmark has traded in a 24bps range between

1.764% and 2.004% MTD. At the point of writing it trades at a yield of 1.926%,

although this is likely to change after UK PM May's cabinet meeting late

afternoon Nov 15.

The 10s20s curve has steepened 4bps since Nov 1 with the long end

underperforming.

- TIMING: Results are due shortly after the auction closes at 1030GMT.