PORTUGAL T-BILL AUCTION PREVIEW: Instituto de........>

PORTUGAL T-BILL AUCTION PREVIEW: Instituto de Gestao da Credito Publico (IGCP)

re-open 3-month Jan 19, 2018 T-bill and 11-month Sep 21, 2018 T-bill for an

indicative amount of between E1.0bln to E1.25bln on Wednesday. 

- RV: According to Tradeweb mid-yield on the Jan 19, 2018 T-bill is currently

seen at -0.372%, towards the bottom end of its 1-month range of between -0.272%

and -0.354%. As for the 11-month Sep 21, 2018 T-bill, the mid-yield is currently

seen at -0.317%, also close to bottom end of its 1-month range of between

-0.255% and -0.336% 

- HISTORY: For comparison at the last 3-month T-bill auction on Aug 16, IGCP

allotted E250mln at average yield -0.348% and covered 3.95 times. At the launch

of the Sep 21, 2018 T-bill on Sep 20, IGCP allotted E1.25bln at average yield

-0.345% and bid-to-cover of 2.1 times.

- REDEMPTION: There is a T-bill redemption of E2.197bln this week, therefore,

could leave net cash flow negative to the tune of E947mln which is seen

underpinning demand. 

- TIMING: Auction results are due to be announced around 0940GMT.