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Analysts at HSBC, led by Bert Lourenco write...>

EGBS
EGBS: Analysts at HSBC, led by Bert Lourenco write that they still like
Portuguese debt and it "may one day trade through BTPs". HSBC writes that the
strong performance to date "took place with minimal PGB buying from the PSPP
over the past year suggesting that the combination of fundamentals and overall
liquidity (stock) may be more important for asset prices than regular purchases
(flow) after the initial stages of QE."
- They also say that Portugal is a poster child of how EGBs can perform without
the assistance of QE.

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