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Portugal swaps 4.5 billion euros in bonds expiring in 2017, 2018 for longer-maturity debt

Xinhua, April 24, 2015 Adjust font size:

Portugal swapped around 4.5 billion euros (about 4.82 billion U.S. dollars) in debt on Thursday, expiring in 2017 and 2018, for 4 billion euros debt expiring in 2024 and 2030, the Portuguese IGCP debt agency revealed.

IGCP took advantage of a drop in interest rates to buy some 2.36 billion euros of debt expiring in October 2017, 4.35 percent coupon, and 2.18 billion euros in bonds expiring in June 2018 with a coupon worth 4.45 percent.

Earlier this month, Portugal issued 1.25 billion euros in 3-month debt on at a record-low rate of 0.0007 percent.

Portugal returned to the markets last year following years of painful austerity, that came with the 78-billion-euro bailout fund the country signed in 2011 and ended in May last year. (1 euro = 1.07 U.S. dollars) Endit