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Mixed auction result

PORTUGAL AUCTION RESULTS
  • It was a bit of a mixed auction today, with the IGCP deciding to issue at the bottom of the E0.75-1.00bln target range with over 60% of the nominal allocation to the 4-year OT.
  • The 4-year 1.95% Jun-29 OT in particular was a little on the weak side with the allotment price at auction of 93.45 below the pre-auction mid-price.
  • However, the 12-year 0.90% Oct-35 OT saw a decent bid-to-cover of 2.27x with the allotment price of 73.74 comfortably above the pre-auction mid-price.

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