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

GILT AUCTION PREVIEW: Today the DMO will come to the market to issue GBP2.00bln

of the 1.75% Jan-49 gilt.

- This is the benchmark 30-year gilt and this will be the seventh reopening of

the gilt after it was launched in September 2018. The gilt was last on offer in

December in a strong auction that saw a bid-to-cover of 2.08x and a tail of

0.2bp. Prevailing yields are a lot lower than at the previous auction with

prevailing yields at 0.857% compared to the 1.289% average yield achieved in the

December auction. The main driver of lower yields has of course been the spread

of Covid-19 and knock-on effects to the economy. This will be the last

long-dated issuance of the fiscal year.

RESULTS: Results will be announced shortly after the auction closes at 10:30GMT.

- A further GBP300mln will be available to successful bidders through the PAOF

later today.