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The DMO come to the market.....>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: The DMO come to the market today to sell Stg2.75bln
nominal of the 0.875% Oct-29 gilt.
BACKGROUND/HISTORY: This will be the fourth auction of the gilt after it was
launched in June with the issue starting to become recognised as the new 10-year
benchmark. The three previous auctions have all been for Stg2.75bln with the
full PAOF proceeds taken in the first two auctions, leaving a nominal Stg9.1bln
outstanding. Bid-to-cover has generally been around 2x with a tail of 0.5bps at
the previous two auctions. The yield on the previous auction was 0.548%, almost
9bps below the 0.636% prevailing at the time of writing. The issue, and gilts in
general, have been very volatile over the past few days as the probability of an
imminent Brexit deal has fluctuated.
TIMING: Results will be released shortly after the close of the auction around
10:30BST.
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