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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 Sep 21, 2018 T-bill and 11-month May 17,
2019 T-bill for a combined amount of between E1.0-E1.25bln on Wednesday. 
- RV: Ask-yield on the Sep 21, 2018 T-bill is currently seen at -0.538%, at the
bottom end of its 1-month range of between -0.317% and -0.538% and -3.5bp vs
Eonia according to tradeweb. As for the May 17, 2019 T-bill, according to
Tradeweb the ask-yield is currently at -0.351%, also at the bottom of its
2-month range of between -0.236% and -0.376% and +6.4bp on spread to Eonia.
- HISTORY: For comparison at the last 3-month T-bill auction on Apr 18, IGCP
allotted E300mln at average yield -0.430% and covered 3.1 times. The May 17,
2019 T-bill was launched on May 16 IGCP allotted E1.25bln at average yield
-0.272% 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 0940GMT.

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