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PORTUGAL T-BILL AUCTION PREVIEW: Wednesday will......>

PORTUGAL T-BILL AUCTION PREVIE
PORTUGAL T-BILL AUCTION PREVIEW: Wednesday will see the Portuguese Debt
Management Agency tap the market for a combined E1.0-1.25bln. On offer are the
3-month May 17 2019, and 12-month Jan 17 2020 bills. 
- HISTORY: Results from the last auction of the above bills are listed below: 
 3-month: average yield -0.43%, cover 3.1x, on 17/10/18. 
12-month: average yield -0.36%, cover 1.8x, on 16/01/19.   
- BACKGROUND: Portuguese yield spreads Vs bunds have so far this year narrowed,
with the economy holding strong against poorer growth in Germany and other big
European economies. 
Moody's surprise decision to not change Portugal's outlook to 'positive' on
Friday slowed some the momentum in Portuguese paper, but the fundamentals remain
strong and point to a continuing narrowing in spreads Vs Bunds.
The 3-month bill currently trades at a yield of -0.362%, whilst the 12-month
bill is at -0.368%.     
- TIMING: Results are due shortly after the auction closes at 1030GMT. 

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