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UK's Debt Management......>

UK T-BILL AUCTION PREVIEW
UK T-BILL AUCTION PREVIEW: UK's Debt Management Office (DMO) re-open 1-month Mar
26, 2018 T-bill for Stg0.5bln, re-open 3-month May 29, 2018 T-bill for Stg0.5bln
and issue a new 6-month Aug 28, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg3bln this week, yields look to have
squeezed higher due to concerns of rates rising quicker in both US and UK.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, therefore
leaves net cash flow negative to the tune of Stg500mln, which is seen
underpinning demand.
- HISTORY: For comparison, at the last UK T-bill auction on Feb 16, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.2365% cover 3.82 times, Stg0.5bln
3-month at average yield 0.272% cover 3.63 times, and Stg2.0bln 6-month at
average yield 0.465% cover 3.63 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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