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

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

23, 2018 T-bill for Stg0.5bln, re-open 3-month Jun 25, 2018 T-bill for Stg1.0bln

and issue a new 6-month Sep 24, 2018 T-bill for Stg2.0bln Friday. 

- BACKGROUND: T-bill issuance remains at Stg3.5bln this week, and with current

risk-off sentiment in the markets could again see high demand for the 1-month

T-bill. Yields look to have remained relatively steady, but with high risk of a

May rate hike yields could be pushed higher.

- 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 16, the DMO sold

Stg0.5bln 1-month T-bill at average yield 0.229% cover 4.185 times, Stg1.0bln

3-month at average yield 0.343% cover 2.71 times, and Stg2.0bln 6-month at

average yield 0.50% cover 3.11 times. 

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