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/PORTUGAL T-BILL AUCTION..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: /PORTUGAL T-BILL AUCTION PREVIEW: The Instituto de Gestao de
Credito Publico (IGCP) will re-open the 6-month Mar 22, 2019 T-bill and issue a
new 12-month Sep 20, 2019 T-bill for a combined E1.5-1.75bln on Wednesday.
- RV/HISTORY: The Mar 22, 2019 T-bill currently trades at a yield of -0.332%
down from a high of -0.195% on May 29 and 7.8bps inside the comparable EUR swap.
For comparative purposes, the last 12-month T-bill auction was the Jul 19, 2019
with E750ml allotted at an average yield of -0.291% and bid-to-cover ratio of
2.51x.
- REDEMPTION: There are E5.1bln in EGB redemptions this week, including E3.1bln
in Portuguese redemptions.
- TIMING: Results are due shortly after the auction closes at 0935GMT. 

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