The DMO will come to market....>

GILT AUCTION PREVIEW: The DMO will come to market today to sell GBP3.75bln of

the 0.75% Jun-23 gilt.

- The 0.75% Jun-23 gilt will be re-opened for the first time since it was being

built up as a five-year benchmark (its last auction was in June 2018). The gilt

is currently the lowest maturity gilt eligible for purchase under the BoE's APF

programme (the 0.125% Jan-23 gilt is under the three-year cut off). The two

auctions of the 0.125% Jan-23 gilt so far this fiscal year have been very strong

with bid-to-cover ratios of 3.05x and 2.59x and tails of 0.6bp (for the launch)

and 0.3bp (for the reopening). We would expect the 0.75% Jul-23 auction to be

similarly strong.

RESULTS: Auction results will be released shortly after the auction closes at

10:00BST with a further GBP937.5mln available through the PAOF to successful

bidders.