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PORTUGAL T-BILL AUCTION PREVIEW: The Portuguese......>

PORTUGAL T-BILL AUCTION PREVIE
PORTUGAL T-BILL AUCTION PREVIEW: The Portuguese Debt Agency comes to market on
Jan 16 for a combined E1.5-1.75bln, on offer are the 6-month Jul 19, 2019, and
12-month Jan 17, 2019 bills.  
- HISTORY: For comparative purposes, at the last auction of the above mentioned
bills on Nov 21, 2019: 
E0.35bln was allotted of the 6-month, average yield -0.37%, cover 2.6x.
E0.65bln was allotted of the 12-month, average yield -0.33%, cover 2.6x.  
- RV/BACKGROUND: The Euribor strip has flattened across Tuesday in the Red area
with Greens and Blues 2.5-3 ticks higher on the day. The vast majority of this
move happened in the European morning session, driven by concerns about the
European banking sector and also the release of the lowest German annual GDP
figure since 2013 (albeit in line with consensus expectations).
- TIMING: Results are due shortly after the auction closes at 1030GMT. 

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