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Portugal issues short-term debt at record-low yield

Xinhua, April 15, 2015 Adjust font size:

Portugal issued 1.25 billion euros (1.33 billion U.S. dollars) in 3-month debt on Wednesday at a record-low rate of 0.0007 per cent.

"It is a sign that the European monetary policy is having effects, but it is also a result of the country's control on public spending and external accounts," economist Joao Duque told Xinhua.

"The opposition will say it is all thanks to the monetary stimulus and the government will say government deserves the praise, but I think it is a combination of both."

Portugal last issued 3-month T-bills in February, placing 250 million euros at a rate of 0.061 per cent, with demand 4.26 times the amount offered. The country also issued 1 billion euros in 11-month bills at a yield of 0.138 percent.

The European Central Bank (ECB) is set to meet this Wednesday to discuss the bond-buying program and ECB chief Mario Draghi is expected to quash any suggestions that the spree will end prematurely.

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