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UK T-BILL AUCTION PREVIEW: On Nov 16 the UK Debt Management Office comes to
market for Stg3.5bln.
On offer are the re-opened 1-month Dec 17, 2018 T-bill for Stg0.5bln , the
re-opened 3-month Feb 18, 2019 T-bill for Stg1.0bln, and the new 6-month May
20,2019 T-bill for Stg2.0bln.
- HISTORY: For comparison at last weeks tender, the DMO allotted: Stg0.5bln of
the 1-month T-bill at an average yield of 0.625% with a bid-to-cover of 3.02x,
Stg1.0bln of the 3-month T-bill at an average yield of 0.678% with a
bid-to-cover of 3.39x, and Stg2.0bln of the 6-month T-bill at an average yield
of 0.755% with a bid-to-cover of 1.60x.
- BACKGROUND: Gilts have soared against the backdrop of disarray in the
government, with PM May`s Brexit deal and her leadership in the balance. The Dec
18 Gilt future is up 147 ticks at 123.29, having hit a high of 123.40
on Nov 15.The 2-Yr yield is down 9.5bps at 0.692%, andShort Sterling has soared
in longer dated contracts; late 2021s up 17 ticks.
- TIMIMG: Results are due shortly after the auction closes at 1030GMT.