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10/15-year OTs

PORTUGAL AUCTION PREVIEW
  • Portugal begins its 2021 issuance tomorrow with E1.00-1.25bln of 10-year and 15-year OTs on offer.
  • The 0.475% Oct-30 OT was originally launched in January 2020 via syndicate and was reopened via auction seven more times through the year. The first five of these auctions saw bid-to-covers below 2x but the last two auctions have seen bid-to-covers rise. Indeed, the issue was last on offer in September with E0.96bln taken up with a respectable bid-to-cover of 2.19x.
  • The 0.90% Oct-35 OT was launched via syndication in July with E4.0bln sold from a book size of in excess of E41bln. Tomorrow will be the first reopening of the issue.

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