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UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month
Sep 25, 2017 T-bill for Stg2.0bln, re-open 3-month Nov 27, 2017 T-bill for
Stg1.5bln and issue a new 6-month Feb 26, 2018 T-bill for Stg2.0bln Friday.
- BACKGROUND: T-bill issuance remains at elevated levels, however, with concern
over US debt ceiling and Jackson Hole later today, demand could be higher at
today's auction pushing yields lower.
- REDEMPTION: There is a T-bill redemption of Stg2.0bln on Tuesday, leaving net
cash flow positive to the tune of Stg3.5bln, which is seen weighing on demand
- HISTORY: For comparison, at the last UK T-bill auction on Aug 18, the DMO sold
Stg2.0bln 1-month T-bill at average yield 0.179% cover 2.52 times, Stg1.5bln
3-month at average yield 0.1655% cover 2.99 times, and Stg2.0bln 6-month at
average yield 0.182% cover 4.07 times.
- TIMING: Results are due to be announced at around 1005GMT.