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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-opens Nov 16, 2018 T-bill and Jul 19, 2019 T-bill for
a combined amount of between E0.75-E1.0bln on Wednesday. 
- RV: Ask-yield on the Nov 16, 2018 T-bill is currently seen at -0.468%, close
to the bottom end of its 1-month range of between -0.405% and -0.49% and is
-7.5bp vs Eonia according to tradeweb. As for the Jul 19, 2019 T-bill, according
to Tradeweb the ask yield is currently of -0.288% near the top end of its
1-month range of between -0.28% and -0.446% and is a pick up of 3.5bp vs the May
17, 2019 T-bill and +8.1bp on spread to Eonia.
- HISTORY: For comparison at the last 3-month T-bill auction on Jun 20, IGCP
allotted E300mln at average yield -0.399% and covered 2.93 times. The Jul 19,
2019 T-bill was launch on Jul 18, where the IGCP allotted E1.35bln at average
yield -0.28% and bid-to-cover of 2.0 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.

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