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The DMO comes to market........>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: The DMO comes to market today to issue the 1.75% Jul-57
gilt by tender in GBP400mln nominal.
- This gilt was last tapped almost exactly a year ago for GBP1.5bln with a
successful auction with a 0.1bp tail and bid-to-cover of 2.25x. The issue
currently trades broadly in the middle of a 0.8-1.8bp discount to the 4.00%
Jan-60 gilt. Relative to the 4.25% Dec-55 gilt, the premium on the 1.75% Jul-57
gilt has trended higher from 1.0 to 1.9bp.
RESULTS: Results are expected shortly after the tender closes at 10:30GMT.

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