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10/15-year OT

PORTUGAL AUCTION PREVIEW

Portugal will come to the market this morning to sell up to E1.25bln of 10/15-year OTs:

  • 0.30% Oct-31 OT: The 10-year bond was launched in April via syndication with books of E30bln and a transaction size of E4.0bln. The OT has traded at a fairly stable 64-72bp spread since launch and at the time of writing is trading around 69.9bp.
  • 0.90% Oct-35 OT: The 15-year OT was launched via syndication in July last year for E4bln and reopened in January this year for E750mln. The auction saw decent demand with a bid-to-cover of 2.55x. There has been a lot of EGB supply around the 15-year area over the past month, but investor demand has held steady. We expect a successful auction today.
  • Timing: Results will be available shortly after the auction closes at 10:30BST/local.
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