On Nov 23 the UK Debt.....>

UK T-BILL AUCTION PREVIEW: On Nov 23 the UK Debt Management Office taps the

market for a combined Stg3.5bln. On offer are the 1-month Dec 24, 2018 T-bill

for Stg0.5bln, 3-month Feb 25, 2019 T-bill for Stg1.0bln, and the 6-month May

28, 2019 T-bill for E2.0bln. 

- HISTOTY: For comparison at last weeks tender:

Stg0.5bln of the 1-month was allotted, average yield of 0.63%, cover of 3.09x.

Stg1.0bln of the 3-month was allotted, average yield of 0.65%, cover of 3.61x. 

Stg2.0bln of the 6-month was allotted, average yield of 0.75%, cover of 2.29x. 

- RV/BACKGROUND: Gilts sold off in the morning of Nov 22 on news of a UK/EU

Brexit agreement, there has been a slight bear flattening across the curve with

the belly underperforming. 

At the short end the 2-yr Gilt yield currently trades at 0.762%, up 2.3bps

having traded in a range of 0.716-83%. The 10-yr Dec-18 Gilt has stabilised

around 122.73, having traded as high as 123.18 on Thursday, low of 122.61.

Theresa May is in Brussels on Saturday looking for support on her Brexit deal. 

- TIMING: Results are due shortly after the auction closes at 1000GMT.