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AUCTION PREVIEW: On Nov 14 Portugal tap....>

PORTUGAL
PORTUGAL: AUCTION PREVIEW: On Nov 14 Portugal tap the market for a combined
E1.0bln-E1.25bln, re-opening both the 4.95% Oct-23 PGB and the 2.125% Oct-28
PGB.    
HISTORY: For comparison at the last auction of the 4.95% Oct-23 PGB on Sep 12,
Portugal allotted E0.328bln at an average yield of 0.647% with a cover of 4.64x.
At the last auction of the 2.125% Oct-28 PGB on Oct 10, Portugal allotted
E0.782bln at an average yield of 1.939% with a cover of 2.78x.  
RV/BACKGROUND: The 5-year PGB currently trades at a yield of 0.754%, down from
the October high of 0.886% but above the pre October levels dating back to
mid-June when it last surpassed 0.745%. The Portugal-Bund 10 Year Spread is
currently at 1.56%, the lowest since early 2015. 
TIMING: Results are due shortly after the auction closes at 1035GMT. 

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