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

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

16, 2018 T-bill for Stg0.5bln, re-open 3-month Jun 18, 2018 T-bill for Stg1.0bln

and issue a new 6-month Sep 17, 2018 T-bill for Stg2.0bln Friday. 

- BACKGROUND: T-bill issuance falls to Stg3.5bln this week, the lowest amount

since the Stg3.0bln issued on Feb 23. While yields look to have either remained

steady or ticked lower with the curve flattening slightly.

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

leaves net cash flow flat which is seen underpinning 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 0.288% cover 1.94 times, Stg1.0bln

3-month at average yield 0.334% cover 2.7 times, and Stg2.0bln 6-month at

average yield 0.496% cover 3.31 times. 

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