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AUCTION PREVEW: Portugal will sell the.....>

PORTUGAL
PORTUGAL: AUCTION PREVEW: Portugal will sell the 2.875% Jul-26 PGB and the
0.475% Oct-30 PGB on Wednesday for E1.00-1.25bn.
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 2.875% Jul-26 PGB (10 Jun 2020, E0.59bn, 0.14%, 2.08x), 0.475%
Oct-30 PGB(10 Jun 2020, E0.92bn, 0.60%, 1.50x)
- RV/HISTORY: PGBs have broadly rallied since April and spreads have narrowed
over bunds, largely on the back of the ECB's beefed up asset purchases. The
missing piece of the puzzle - a coordinated regional fiscal response to
complement the efforts of the ECB in tackling the economic impact of the
coronavirus crisis - arrived this week as the EU agreed to a EUR750bn recovery
fund, which has been risk positive for markets and will support PGBs heading
into Wednesday's auctions. 
- TIMING: Results are due around 1030BST.

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