The UK Debt Management....>

UK T-BILL AUCTION PREVIEW: The UK Debt Management office will tap the market for

Stg5.0bn on Friday. On offer are the 1-month Oct 22, 2018 T-Bill for Stg2.0bln,

the 3-month Dec 24, 2018 T-Bill for Stg1.5bln and new 6-month Mar 25, 2019

T-Bill for Stg1.5bln.

- HISTORY: For comparative purposes, the last auction of a 1-month T-Bill was

the Oct 15, 2018 with Stg2.0bln allotted at an average yield of 0.707% and

bid-to-cover ratio of 2.2x. The last 3-month T-Bill auction was the Dec 17, 2018

with Stg2.0bln allotted at an average yield of 0.741% and bid-to-cover of 2.1x.

The last 6-month T-Bill auction was the Mar 18, 2019 with Stg1.5bln allotted at

an average yield of 0.740% and bid-to-cover of 3.4x.

- RV: Stronger-than-expected macro data for August (CPI and Retail Sales)

combined with rising optimism on averting a no-deal Brexit have pushed BoE rate

expectations nearer. Since Tuesday, yields on 3-month bills are 0.46bps higher

and on 6-month are 0.76bps higher.

- TIMING: Results are due shortly after 1005GMT.