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Free AccessAUCTION PREVIEW: On Nov 14 Portugal tap....>
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.