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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 3-month May 18, 2018 T-bill and 12-month Jan 18,
2019 T-bill for a combined amount of between E1.0-E1.25bln on Wednesday. 
- RV: Mid-yield on the May 18, 2018 T-bill is currently seen at -0.373%, towards
the top end of its 1-month range of between -0.36% and -0.522%. As for the
12-month Jan 18, 2019 T-bill the mid-yield is seen at -0.385%, also close to the
top end of its 1-month range of between -0.38% and -0.455% and -3.3bp on spread
to Eonia.
- HISTORY: For comparison at the last 3-month T-bill auction on Oct 18, IGCP
allotted E300mln at average yield -0.389% and covered 4.55 times. At the
12-month T-bill auction on Jan 17 IGCP allotted E1.25bln at average yield
-0.398% 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 E1.25bln which is seen weighing on demand.
- TIMING: Auction results are due to be announced around 1040GMT.

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