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Greece will sell......>

GREECE T-BILL AUCTION PREVIEW: Greece will sell E625mln of the new 3-month Dec
7, 2018 T-bill on Wednesday.
- BACKGROUND: This is a new issue, with the current Dec 4, 2018 issue being a
26-week T-bill.
- RV/HISTORY: Greek bonds have traded sideways so far in 2018, although yields
have pushed higher over the past month. The benchmark 5-year bond currently
trades at 3.528% up from 2.994% at the beginning of August and holding within a
2.8-4.0% YTD range. Risk perception has improved significantly over the last 18
months, with the 5-year credit default swap spread falling from a 2017 high of
1094bps to a 2018 YTD low of 295.5bps. However, the recent bout of turbulence in
emerging markets and flare up in nearby Italy has contributed to an uptick in
the Greek CDS to 408bps as of September 4.  
- REDEMPTIONS: There are E1.0bln in redemptions from Greece this week which will
support the auction.
- TIMING: Results are due shortly after the auction closes at 0910GMT.

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