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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 Sep
17, 2018 T-bill for Stg2.0bln, re-open 3-month Nov 19, 2018 T-bill for Stg2bln
and issue a new 6-month Feb 18, 2019 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg5.5bln this week, although this is
till relatively high compared to the average for this year. The earlier risk-off
bid this week has faded, while UK data has been in-line or better than expected
which could weigh on UK T-bills, pushing yields higher.
- REDEMPTION: There is a T-bill redemption of Stg5bln on Monday, therefore
leaves net cash flow positive to the tune of Stg0.5bln which is seen weighing on
demand.
- HISTORY: For comparison, at the last UK T-bill auction on Aug 10, the DMO sold
Stg2bln 1-month T-bill at average yield 0.70% cover 1.69 times, Stg2bln 3-month
at average yield 0.7215% cover 2.29 times, and Stg1.5bln 6-month at average
yield 0.721% cover 2.72 times. 
- TIMING: Results are due to be announced at around 1005GMT.

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