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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
Jan 2, 2018 T-bill for Stg1.0bln, re-open 3-month Mar 5, 2018 T-bill for
Stg1.0bln and issue a new 6-month Jun 4, 2018 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance drops to Stg3.5bln this week following 2-weeks at
Stg4bln. Yields look to have actually squeezed lower despite move higher in
SONIA rates.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, leaving net
cash flow flat for the first time in 7-weeks, which is seen underpinning demand.
- HISTORY: For comparison, at the last UK T-bill auction on Nov 24, the DMO sold
Stg1.0bln 1-month T-bill at average yield 0.450% cover 3.13 times, Stg1.0bln
3-month at average yield 0.351% cover 5.38 times, and Stg2.0bln 6-month at
average yield 0.450% cover 2.45 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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