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The 0.125% Aug-48 index-.......>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: The 0.125% Aug-48 index- linked gilt will be on offer for
GBP600mln nominal this morning.
- This is the 30-year linker benchmark and was most recently issued via tender
in January and prior to that via auction in December. Given the uncertainty
surrounding the future of RPI, we have seen no other last long-dated linker
issuance in the meantime. This gilt is the only 25+ year linker auction
scheduled to be sold until at least mid-July.
- Note that even though this is the only auction of the day, it still follows
the new "early" auction timings rather than reverting back to the pre-April
auction timings.
RESULTS: Auction results will be released shortly after the auction closes at
10:00BST with a further GBP150mln nominal available through the PAOF to
successful bidders.

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