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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
Dec 4, 2017 T-bill for Stg0.5bln, re-open 3-month Feb 5, 2018 T-bill for
Stg1.0bln and issue a new 6-month May 8, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance slips back to Stg3.5bln, however due to the BoE
25bp rate rise yesterdays, yields have risen across the curve but with the
largest impact being on the very front end with yields circa 15bps higher.
- REDEMPTION: There is a T-bill redemption of Stg3.0bln on Monday, leaving net
cash flow positive to the tune of Stg500mln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Oct 27, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.237% cover 3.70 times, Stg2.0bln
3-month at average yield 0.357% cover 1.88 times, and Stg2.0bln 6-month at
average yield 0.44% cover 2.55 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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