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On Dec 13 the........>

IRELAND T-BILL AUCTION PREVIEW: On Dec 13 the Irish Treasury Management Agency
come to market for E0.5bln selling the new 12-month Dec 16, 2019 T-bill.  
HISTORY: For comparison at the last auction of a 12-month Irish Treasury Bill on
Sep 20, E0.5bln was allotted at an average yield of -0.45% with a bid-to-cover
of 2.51x. 
RV/BACKGROUND: The majority of Irish issuance was completed prior to Q4,
E0.75bln of Bond issuance in November being the only other auction.  
The auction takes place ahead of the ECB rate decision later on Thursday, MNI
Pinch currently prices the probability of a rate hike at -0.40%. The 5Y/5Y
forward inflation swap, cited by Mario Draghi as a key indicator of inflation
expectations, and inflation breakevens have persistently pushed lower in 2018.
This could see the ECB err on the side of caution with a dovish end to the asset
purchase programme.     
TIMING: Results are due shortly after the auction closes around 0910GMT. 

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