The UK Debt Management....>

UK T-BILL AUCTION PREVIEW: The UK Debt Management taps the market on Friday for

for Stg3.5bln. On offer are the 1-month Dec 3, 2018 T-Bill for Stg0.5bln, the

3-month Feb 4, 2019 T-Bill for Stg1.0bln and the 6-month May 7, 2019 T-Bill for

Stg2.0bln. 

- HISTORY: At the last auction on Oct 26; Stg0.5bln of the 1-month was allotted

at an average yield of 0.641% with a bid-to-cover of 1.91x, Stg3.0bln of the

3-month was allotted at an average yield of 0.697% with a bid-to-cover of 1.97x,

and Stg1.5bln of the 6-month was allotted at an average yield of 0.734% with a

bid-to-cover of 1.94x.   

- BACKGROUND/RV: As broadly expected, the BoE left rates unchanged on Nov 1

keeping Dec-18 Short Sterling relatively flat around the 99.18 mark. Post

announcement MNI PINCH stayed broadly the same with a 25bps hike fully priced in

by November 2019 with a rate hike by August at 55%.

- RESULTS: Results will be due shorty after the auction finishes at 1000GMT.