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/EXCHANGE AUCTION. At 0900GMT/1100CET......>

PORTUGAL
PORTUGAL: /EXCHANGE AUCTION. At 0900GMT/1100CET Portugal will undertake an
exchange auction in which it buys 3 large short-maturity bonds against the OT
Oct-22 in approximately cash neutral amounts. The prices that bonds will be
bought back are pre-announced as:
- OT 4.45 15 June 2018 at EUR 103.768
- OT 4.75 14 June 2019 at EUR 108.46
- OT 4.80 15 June 2020 at EUR 112.88
It will sell the new bond:
- OT 2.20 17 October 2022 at EUR 105.18.
The prices are very close to those now prevailing in the market and the front
end of the curve is close to its steepest since mid-July. 

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