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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 23, 2017 T-bill for Stg0.5bln, re-open 3-month Dec 27, 2017 T-bill for
Stg1.0bln and issue a new 6-month Mar 26, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance continues to drop from relatively high levels seen
in the past 6-weeks and could indicate the the UK finances are coming back on
track.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, leaving net
cash flow flat for the first time since beginning of August, which is seen
underpinning demand.
- HISTORY: For comparison, at the last UK T-bill auction on Sep 15, the DMO sold
Stg1.5bln 1-month T-bill at average yield 0.145% cover 4.11 times, Stg1.0bln
3-month at average yield 0.216% cover 3.88 times, and Stg2.0bln 6-month at
average yield 0.290% cover 2.16 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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