Portugal Sells 3.25 Billion Euros of Notes Amid Debt Rally
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Portugal is selling 3.25 billion euros ($4.4 billion) of five-year notes in its first offering of coupon-bearing debt since May as signs of economic recovery spur a rally in the region’s higher-yielding fixed-income assets.
The sale through banks attracted about 11 billion euros of orders, Finance Minister Maria Luis Albuquerque told reporters in Lisbon. The additional 4.75 percent notes due in June 2019 are being sold at a yield of 4.657 percent, the debt agency said in a statement. That compares with 4.891 percent at a sale of notes maturing in October 2017 held in January last year. The amount raised today represents about half of the nation’s estimated funding needs for 2014.