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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
16, 2018 T-bill for Stg1bln, re-open 3-month Sep 17, 2018 T-bill for Stg1.0bln
and issue a new 6-month Dec 17, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg4bln for the third week in a row.
Short Sterling strip has edged higher since last weeks auction and chance of a
rate hike in August has slipped slightly.
- REDEMPTION: There is a T-bill redemption of Stg3.5bln on Monday, therefore
leaves net cash flow negative to the tune of Stg0.5bln which is seen weighing on
demand.
- HISTORY: For comparison, at the last UK T-bill auction on Jun 8, the DMO sold
Stg1.5bln 1-month T-bill at average yield 0.368% cover 2.70 times, Stg1bln
3-month at average yield 0.468% cover 3.23 times, and Stg1.5bln 6-month at
average yield 0.556% cover 2.43 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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