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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 Aug
13, 2018 T-bill for Stg2bln, re-open 3-month Oct 15, 2018 T-bill for Stg2bln and
issue a new 6-month Jan 14, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance increases to Stg6bln for the first time this year
and could signal a deterioration in UK finances. Increase in domestic political
uncertainty has knocked the chances of an August rate hike only very slightly
lower as its not seen delaying the BoE
- REDEMPTION: There is a T-bill redemption of Stg4bln on Monday, therefore
leaves net cash flow positive to the tune of Stg2bln which is seen weighing on
demand.
- HISTORY: For comparison, at the last UK T-bill auction on Jul 6, the DMO sold
Stg1.5bln 1-month T-bill at average yield 0.540% cover 2.91 times, Stg1.5bln
3-month at average yield 0.605% cover 2.76 times, and Stg2.0bln 6-month at
average yield 0.658% cover 3.375 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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