The gilts to be auctioned in the additional...>

GILTS: The gilts to be auctioned in the additional December auctions will be

announced at 15:30 on Wed 20 Nov.

- The gilts to be auctioned in fiscal Q4 (FQ4) will be published at 15:30 on Fri

29 Nov.

- Shorts (2 auctions in FQ4 + 1 in Dec): We would expect all three short

auctions to be for the 0.625% Jun-25.

- Mediums (2 auctions in FQ4): We would expect both auctions to be of the 0.875%

Oct-29.

- Longs (2 auctions in FQ4 + 1 in Dec): We would expect one auction of the 1.75%

Sep-37, one auction of the 1.75% Jan-49 and one auction of the 1.75% Jul-57.

- Linkers (3 auctions): We would expect one auction of the 0.125% Aug-28 linker

and one auction of the 0.125% Aug-48 linker. For the final auction, we would

lean towards the DMO introducing a new 15-year linker maturing in Aug-35 (which

was suggested for next week's syndication but eventually dropped).

- Syndication: As previously stated we expect a long conventional syndication in

mid-February.