PORTUGAL T-BILL AUCTION PREVIEW: On Nov 21...........>

PORTUGAL T-BILL AUCTION PREVIEW: On Nov 21 Portugal come to market for a

combined E1.25bln-E1.5bln selling T-bills. On offer are the re-opened 6-month

May 17, 2019 T-bills and the new 12-month Nov 22, 2019 T-bills. 

- HISTORY: For comparison at the last auction of a 6-month T-bill on Sep 19,

Portugal sold E0.4bln at an average yield of -0.317% with a cover of 2.5x.

At the last auction of a 12-month T-bill on Oct 17, Portugal sold E1.0bln at an

average yield of -0.260% with a cover of 1.5x.    

- RV/BACKGROUND: European markets have broadly traded sideways this week with

investors cautious about Brexit news and the resumption of Rome's face off with

Brussels. 

Nov 20: The 6-month Bill yield is at -0.478%, marginally down on the day having

traded in a range of -0.478% to -0.45%. The 12-month is at -0.318%, down less

than a tick having traded in a 1 tick range. Finally the 10-year benchmark PGB

trades at 101.26, down 1 tick having traded in a range of 101.07-101.34.

ECB minutes on Thursday ahead of Dec meeting, MNI Pinch prices a hike at 9.8%.  

- TIMING: Results will be due shortly after the auction closes at 1030GMT.