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The UK Debt Management.........>

GILT AUCTION PREVIEW: The UK Debt Management Office will tap the 0.125% Aug-28
IL Gilt on Tuesday for Stg 1.1bln
- BACKGROUND: There is Stg. 1.38bln outstanding of the 0.125% Aug-28 IL Gilt.
- HISTORY/RV: The gilt curve has shifted lower since the beginning of August,
with the 2s10s spread narrowing to 52.3bps from 59.2bps. Market-based measures
of longer-term inflation expectations have deteriorated very slightly over the
past week with the 10-year breakeven edging down to 3.065% from 3.091%. The
0.125% Aug-28 IL Gilt has rallied over the course of August and currently trades
at a yield of -1.811% down from -1.660%. The European issuance calendar is light
this week, with no significant redemptions or coupon payments to support the
gilt auction. 
- TIMING: Results are due shortly after the auction closes at 0930 GMT      

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