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

UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month
Nov 13, 2017 T-bill for Stg0.5bln, re-open 3-month Jan 15, 2018 T-bill for
Stg2.0bln and issue a new 6-month Apr 16, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance picks up once again, but demand seen steady. While
mid-yields have squeeze higher on the front and middle part of the T-bill yield
curve but ticked lower on the long end this week.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, leaving net
cash flow negative to the tune of Stg1bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Oct 6, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.115% cover 4.57 times, Stg1.0bln
3-month at average yield 0.248% cover 4.52 times, and Stg2.0bln 6-month at
average yield 0.391% cover 2.18 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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