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Free Access/CLARIFICATION. PORTUGAL AUCTION...........>
PORTUGAL: /CLARIFICATION. PORTUGAL AUCTION PREVIEW. On Wednesday, the IGCP
reopens its 5-year PGB 2.2% Oct-22 and its 10-year PGB 4.125% Apr-27 for up to
E1.0-1.25bln in total.
- BACKGROUND: The ECB has bought around 0.5bln of PGB per month, well down from
the capital key requirement of E1.2bln - there is a large shortage of PGBs to
buy and so there is a natural buyer in the secondary market once these two lines
settle. One issue for PGBs is the higher correlation the volatile Spanish
market. Auction set up is difficult and this is the first outing with an
investment grade rating from S&P. - RV: The spread between the 5-year PGB and
the 5-year BTP is currently at 10bp, having collapsed after the S&P upgrade to
investment grade one month ago by S&P. the spread at 10Y is wider at 25bp but on
the tight end of recent ranges. This year, the average cover ratios for the 5Y
and 10 PGB have been 2.2x and 1.84x respectively.
- RESULTS: Auction results are due around 0935GMT/1035BST.
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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.