Portugal Seeks Market Access With $5 Billion Bond Exchange
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Portuguese debt agency IGCP exchanged bonds maturing next year for securities due in 2015, reducing its 2013 repayment burden as it tries to regain access to long-term debt markets.
The agency bought 3.76 billion euros ($4.86 billion) of bonds due in September 2013 with a yield to maturity of 3.1 percent in exchange for the same value of securities maturing in October 2015 with a yield to maturity of 5.12 percent, the Lisbon-based IGCP said today. Before today’s bond exchange, the notes due in 2013 had 9.6 billion euros outstanding.