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

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

9, 2018 T-bill for Stg2.0bln, re-open 3-month Jun 11, 2018 T-bill for Stg1.0bln

and issue a new 6-month Sep 10, 2018 T-bill for Stg2.0bln Friday. 

- BACKGROUND: T-bill issuance falls to Stg5bln this week, while yields look to

have squeezed lower once again on concerns over possible trade wars and

continued uncertainty over Brexit.

- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, therefore

leaves net cash flow positive to the tune of Stg1.5bln, which is seen weighing

on demand.

- HISTORY: For comparison, at the last UK T-bill auction on Mar 2, the DMO sold

Stg2.0bln 1-month T-bill at average yield 0.252% cover 1.72 times, Stg2.0bln

3-month at average yield 0.258% cover 1.94 times, and Stg2.0bln 6-month at

average yield 0.492% cover 2.65 times. 

- TIMING: Results are due to be announced at around 1105GMT.