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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 Jul
9, 2018 T-bill for Stg1.5bln, re-open 3-month Sep 10, 2018 T-bill for Stg1.0bln
and issue a new 6-month Dec 10, 2018 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg4bln this week, matching the highest
this fiscal year. With markets repricing a possible rate hike in August, traders
could be looking at higher yields to compensate this week.
- REDEMPTION: There is a T-bill redemption of Stg3bln on Monday, therefore
leaves net cash flow negative to the tune of Stg1bln which is also seen weighing
on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Jun 1, the DMO sold
Stg0.5bln 1-month T-bill at average yield 0.318% cover 4.13 times, Stg1.5bln
3-month at average yield 0.437% cover 2.59 times, and Stg2.0bln 6-month at
average yield 0.546% cover 2.45 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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