On Nov 8 the UK Debt......>

UK T-BILL AUCTION PREVIEW: On Nov 8 the UK Debt Management Office comes to

market for a total of Stg3.5bln. On offer are the 1-month Dec 10, 2018 T-Bill

for Stg0.5bln, the 3-month Feb 11, 2019 T-Bill for Stg1.0bln and the 6-month May

13, 2019 T-Bill for Stg2.0bln.

HISTORY: At last weeks T-Bill auction the DMO allotted:

- Stg0.5bln of the 1-month T-Bill at an average yield of 0.62% with a

bid-to-cover ratio of 4.28.

- Stg1.0bln of the 3-month T-Bill at an average yield of 0.68% with a

bid-to-cover ratio of 3.5.

- Stg2.0bln of the 6-month T-Bill at an average yield of 0.74% with a

bid-to-cover ratio of 1.8.

RV/BACKGROUND: The Gilt 2s10s curve has flattened by 7bps across the last month

with the short end of the curve underperforming. Brexit is the focus for UK

markets next week with the publication of a full Brexit withdrawal agreement due

on Tuesday.

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