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NEW YORK, July 1 (IFR) - The Republic of Portugal, rated Ba2/BB/BB+, has opened books on a new 10-year US dollar bond, setting initial price thoughts of 270bp area over US Treasuries, according to one of the lead managers.
The fixed-rate notes, which will mature in October 2024, are expected to price on Wednesday.
Barclays, Danske, HSBC and Societe Generale are the lead managers on the benchmark-sized transaction. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison)