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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
Oct 16, 2017 T-bill for Stg1.5bln, re-open 3-month Dec 18, 2017 T-bill for
Stg1.0bln and issue a new 6-month Mar 19, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance is dropping from relatively high levels seen in
the past 5-weeks and could indicate the the UK finances are coming back on
track. However with BoE upping the hawkish rhetoric yesterday, yields could be
sharply higher.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, leaving net
cash flow positive to the tune of Stg1.0bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Sep 8, the DMO sold
Stg2.0bln 1-month T-bill at average yield 0.163% cover 2.78 times, Stg2.0bln
3-month at average yield 0.194% cover 2.36 times, and Stg2.0bln 6-month at
average yield 0.201% cover 2.35 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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