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

UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month

Nov 27, 2017 T-bill for Stg0.5bln, re-open 3-month Jan 29, 2018 T-bill for

Stg2.0bln and issue a new 6-month Apr 30, 2018 T-bill for Stg2.0bln Friday. 

- BACKGROUND: T-bill issuance remains steady at Stg4.5bln, while mid-yields have

squeezed lower on the 1-mth and 3-mth part of the T-bill yield curve but have

remained steady on the 6-mth since last week.

- REDEMPTION: There is a T-bill redemption of Stg2.5bln on Monday, leaving net

cash flow positive to the tune of Stg2.0bln, which is seen weighing on demand.

- HISTORY: For comparison, at the last UK T-bill auction on Oct 20, the DMO sold

Stg0.5bln 1-month T-bill at average yield 0.188% cover 3.53 times, Stg2.0bln

3-month at average yield 0.332% cover 1.71 times, and Stg2.0bln 6-month at

average yield 0.43% cover 2.30 times. 

- TIMING: Results are due to be announced at around 1005GMT.