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/Portugal Auction Preview: The....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: /Portugal Auction Preview: The Instituto de Gestao de Credito
Publico (IGCP) re-opens the 4.95% Oct-23 PGB and 2.125% Oct-28 PGB for a
combined E0.75-1.00bln.
- BACKGROUND: This will be the third tap of the 4.95% Oct-25 this year and the
seventh for the 2.125% Oct-28. Portugal is well ahead on issuance this year with
87% of the 2018 target already met.
- RV/HISTORY: The 4.95% Oct-23 PGB is the 5-year benchmark and currently trades
at 0.681%, up from a YTD low of 0.268% on March 29. The issue trades in the
middle of the 2018 range and 39.2bps outside the comparable EUR swap. The 2.125%
Oct-28 PGB is the 10-year benchmark which trades at 1.880, down from a high of
2.161% on May 29 and 92.4bps outside the comparable EUR swap.  
- TIMING: Auction results are due shortly after bidding closes at 0930GMT.     

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