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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 Jun
25, 2018 T-bill for Stg0.5bln, re-open 3-month Aug 28, 2018 T-bill for Stg1.0bln
and issue a new 6-month Nov 26, 2018 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg3.0bln this week, however, with
markets pricing in a slightly lower chance of a rate hike in Q4 and a risk-off
tone too markets risk is that yields could edge lower compared to last week.
- REDEMPTION: There is a T-bill redemption of Stg3bln on Tuesday, therefore
leaves net cash flow flat which is seen underpinning demand.
- HISTORY: For comparison, at the last UK T-bill auction on May 18, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.354% cover 3.23 times, Stg1.0bln
3-month at average yield 0.383% cover 2.26 times, and Stg1.5bln 6-month at
average yield 0.532% cover 3.12 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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