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Portugal Sells Debt With a Negative Yield for the First Time

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Portugal sold debt securities with a negative yield for the first time as the European Central Bank’s bond-purchase program helps to drive down borrowing costs.

The country’s debt agency sold 300 million euros ($333 million) of bills due in November 2015 at an average yield of minus 0.002 percent. That compares with an average yield of 0.047 percent at a previous auction on March 18. A negative yield means investors buying the securities now will get less back when the debt matures than they paid.