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Portugal Will Sell E0.75-1.00bn of OTs on Wednesday

PORTUGAL
Portugal will come to market on Wednesday for a tap of E0.75-1.00bn. On offer are the 2.125% Oct-28 OT and the 4.10% Apr-37 OT.
  • BACKGROUND: The 4.10% Apr-37 OT was last re-opened on April 10 with E0.4bn sold at an average yield of 1.90% and bid-to-cover of 1.83x.
  • RV/HISTORY: Mirroring the broader periphery-core spread compression theme in recent months, Portuguese government bonds have rallied, the curve has flattened and spreads over bunds have narrowed. Concerns about the economic outlook in light of rising coronavirus infections across the region has raised the prospect of further monetary accommodation from the ECB which will support longer end yields.
  • TIMING: The auction closes at 1030BST and results will be published shortly afterwards.
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