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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
Nov 20, 2017 T-bill for Stg0.5bln, re-open 3-month Jan 22, 2018 T-bill for
Stg2.0bln and issue a new 6-month Apr 23, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance remains steady at Stg4.5bln, while mid-yields have
squeezed higher on the 1-mth part of the T-bill yield curve but ticked lower in
the 3-mth and 6-mth since last week.
- REDEMPTION: There is a T-bill redemption of Stg3bln on Monday, leaving net
cash flow negative to the tune of Stg1.5bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Oct 13, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.099% cover 4.08 times, Stg1.0bln
3-month at average yield 0.279% cover 1.84 times, and Stg2.0bln 6-month at
average yield 0.407% cover 2.51 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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