PORTUGAL T-BILL AUCTION PREVIEW: Portugal's debt.....>

PORTUGAL T-BILL AUCTION PREVIEW: Portugal's debt agency, Instituto de Gestao da

Credito Publico (IGCP) re-open 3-month Nov 17, 2017 T-bill and 12-month Jul 20,

2018 T-bill for an indicative amount of between E0.75bln to E1bln on Wednesday. 

- RV: According to Tradeweb mid-yield on the Nov 17, 2017 T-bill is currently

seen at -0.317%, towards the bottom end of its 1-month range of between -0.217%

and -0.324%. As for the 12-month Jul 20, 2018 T-bill, the mid-yield is seen at

-0.307%, at the bottom of its 1-month range of between -0.153% and -0.308%.

- HISTORY: For comparison at the last 3-month T-bill auction on Jun 21, IGCP

allotted E250mln at average yield -0.337% and covered 4.56 times. At the launch

of the Jul 20, 2018 T-bill on Jul 19, IGCP allotted E1.25bln at average yield

-0.259% and bid-to-cover of 1.7 times.

- REDEMPTION: There is no T-bill redemption this week, therefore, could leave

net cash flow positive to the tune of E1bln which is seen weighing on demand. 

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