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Portugal Buys Back 50 Million Euros of Bonds Due in October 2015

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March 18 (Bloomberg) -- Portugal’s government debt agency bought back 50 million euros ($69 million) of bonds due in October 2015 as it tries to smooth out debt repayments with the end of the country’s bailout program approaching in two months.

Following today’s buyback, the security due in October 2015 has 8.15 billion euros outstanding, said the Lisbon-based debt agency, known as IGCP.

The IGCP on Feb. 27 also bought back 1.03 billion euros of bonds due in October 2015 and 293 million euros of securities maturing in October 2014. The country also held a 6.64 billion-euro debt exchange on Dec. 3 to push back repayments on securities maturing in 2014 and 2015 to 2017 and 2018.

Portugal is trying to regain full access to debt markets with the end of its 78 billion-euro rescue program from the European Union and International Monetary Fund approaching on May 17. It has raised 6.25 billion euros selling bonds through banks so far this year as signs of economic recovery spurred a rally in higher-yielding European fixed-income assets.

The government debt agency said in a presentation last month that Portugal ended 2013 with what it calls a treasury cash position of 15.3 billion euros. The country has already started to obtain funding for 2015, the IGCP said on Feb. 11 after completing a sale of 3 billion euros of 10-year bonds.

Link to Company News:{1174Z PL <Equity> CN <GO>}

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Anabela Reis at areis1@bloomberg.net

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