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The UK's Debt.............>

UK T-BILL AUCTION PREVIEW
UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month
Sep 18, 2017 T-bill for Stg2.0bln, re-open 3-month Nov 20, 2017 T-bill for
Stg1.5bln and issue a new 6-month Feb 19, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance continues to climb, and is the highest this
financial year, probably highlighting a deteriorating set of government finances
and is likely to push yields higher at today's auction.
- REDEMPTION: There is a T-bill redemption of Stg2.0bln on Monday, leaving net
cash flow positive to the tune of Stg3.5bln, which is also seen weighing on
demand.
- HISTORY: For comparison, at the last UK T-bill auction on Aug 11, the DMO sold
Stg1.5bln 1-month T-bill at average yield 0.148% cover 2.05 times, Stg1.5bln
3-month at average yield 0.1545% cover 2.38 times, and Stg2.0bln 6-month at
average yield 0.186% cover 3.50 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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