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

PORTUGAL T-BILL AUCTION PREVIE
PORTUGAL T-BILL AUCTION PREVIEW: Portugal's debt agency, Instituto de Gestao da
Credito Publico (IGCP) re-open 6-month Jul 20, 2018 T-bill and issue a new
12-month Jan 18, 2019 T-bill for a combined amount of between E1.5-E1.75bln on
Wednesday. 
- RV: Mid-yield on Nov 16, 2018 T-bill is currently seen at -0.475%, towards the
bottom end of its 1-month range of between -0.361% and -0.498%. As for the new
12-month Jan 18, 2019 T-bill the grey market is indicating a mid-yield of
-0.384% which is a 9bp pick vs Nov 16, 2018 T-bill and -5.4bp compared to Eonia.
- HISTORY: For comparison at the last 6-month T-bill auction on Nov 15, IGCP
allotted E400mln at average yield -0.400% and covered 2.91 times. At the
12-month T-bill auction also on Nov 15 IGCP allotted E1.1bln at average yield
-0.349% and bid-to-cover of 2.10 times.
- REDEMPTION: There is a T-bill redemption of E3.466bln this week, therefore,
could leave net cash flow negative to the tune of E1.696bln which is seen
underpinning demand. 
- TIMING: Auction results are due to be announced around 1040GMT.

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