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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 8, 2018 T-bill for Stg2.0bln, re-open 3-month Mar 12, 2018 T-bill for
Stg1.0bln and issue a new 6-month Jun 11, 2018 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance picks up to Stg4.5bln this week the highest since
Oct 27. 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 positive tpo the tune of E1bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Dec 1, the DMO sold
Stg1.0bln 1-month T-bill at average yield 0.205% cover 4.67 times, Stg1.0bln
3-month at average yield 0.329% cover 4.15 times, and Stg1.5bln 6-month at
average yield 0.441% cover 2.99 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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