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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 Sep 21, 2018 T-bill and issue new
12-month Mar 22, 2019 T-bill for a combined amount of between E1.25-E1.5bln on
Wednesday. 
- RV: Bid-yield on the Sep 21, 2018 T-bill is currently seen at -0.393%, towards
the bottom end of its 1-month range of between -0.328% and -0.429%. As for the
new 12-month Mar 22, 2019 T-bill, according to Tradeweb the grey market is
indicating a mid-yield of -0.39%, which is 1bp pick-up to the Jan 18, 2019
T-bill and -3.8bp on spread to Eonia.
- HISTORY: For comparison at the last 6-month T-bill auction on Jan 17, IGCP
allotted E500mln at average yield -0.425% and covered 2.2 times. At the last
12-month T-bill auction on Feb 21 IGCP allotted E800mln at average yield -0.393%
and bid-to-cover of 1.79 times.
- REDEMPTION: There is no T-bill redemption this week, therefore, could leave
net cash flow positive to the tune of E1.5bln which is seen weighing on demand. 
- TIMING: Auction results are due to be announced around 1040GMT.

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