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Portugal Leads Drop in Euro-Area Bonds on Espirito Santo Concern

Portuguese government bonds led a decline in the region’s higher-yielding sovereign securities as shares in the nation’s financial institutions dropped after some companies missed payments on short-term debt.

Portugal’s 10-year yield had the steepest increase in seven weeks after a bank unit of Espirito Santo Financial Group SA said yesterday there was a delay in payments on some short-term debt securities issued by a Luxembourg-based parent, Espirito Santo International.