/Portugal Auction Preview: The....>

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.