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

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: The UK Debt Management Office will re-open the 0.125%
Aug-48 inflation-linked Gilt on Tuesday for Stg. 0.8bln.
- BACKGROUND: The 0.125% Aug-48 Gilt linker is the 30-year benchmark with
Stg.6.5bln outstanding.
- RV/HISTORY: UK gilts have sold off since the beginning of September and the
curve has steepened. The 2-year benchmark trades at 0.817% up from 0.723% at the
beginning of the month, while the 10-year trades at 1.597% up from 1.403%. On
the back of last week's upside inflation surprise (August CPI came in at 2.7%
Y/Y vs 2.4% survey), breakevens have pushed higher with the 5-year benchmark
trading up to 3.151% from a month low of 3.015% on September 18. The 0.125%
Aug-48 linker currently trades at -1.453%, down from a recent peak of -1.404% on
September 19 and towards the top end of the 2018 range.
- TIMING: Results are due shortly after the auction closes at 0930GMT.