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Today the DMO come to the......>

GILT AUCTION PREVIEW
GILT AUCTION PREVIEW: Today the DMO come to the market on Tuesday to sell
Stg1.1bln nominal of the 0.125% Aug-28 index-linked gilt.
- This will be the seventh tap of the issue which is quickly becoming considered
the 10-year benchmark linker. The total amount in issue after the auction will
be around Stg8.65bln (or up to around Stg8,8bln if the full PAOF amount is taken
up). All six of the previous auctions have seen healthy bid-to-cover ratios of
over 2x. The real yield at the time of writing is -2.47%, around 50bp higher
than the yield at the last auction in August.
- RESULTS: Results will be available shortly after the close of the auction at
10:30GMT.
- PAOF: An additional Stg165mln will be available to successful bidders through
the PAOF facility.

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