Portugal Sells Five-Year Bonds for First Time in Two Years

Portugal sold 2.5 billion euros ($3.33 billion) of five-year bonds through banks, the first offering of that maturity in almost two years as it makes progress in regaining access to long-term debt markets.

The 4.35 percent bonds due in October 2017 were allotted at a yield of 4.891 percent and attracted 12 billion euros of bids, Secretary of State for Treasury Maria Luis Albuquerque said yesterday. About 93 percent were sold to overseas investors, including 33 percent to the U.S., 29 percent to the U.K. and 9 percent to Asia, the debt agency said. About 60 percent were taken up by asset managers and 24 percent by hedge funds.