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Portugal places 1.15 billion euros in 10-year bonds

Xinhua, May 12, 2016 Adjust font size:

Portugal placed 1.15 billion euros(1.31 billion U.S. dollars) in 10-year bonds on Wednesday, according to the state debt management agency IGCP.

The IGCP said that the the auction was more than initially projected but at an average yield of 3.252 percent, higher than the previous auction in March.

The IGCP said that demand in the auction was 1.83 billion euros, 1.59 times the amount placed.

In last auction the debt management agency placed 621 million euros in the 10-year bonds in March at an average yield of 3.138 percent, higher than the 2.420 percent in the previous auction on November 25.

Filipe Silva, head of asset management at Banco Carregosa said Wednesday's auction "went as expected, with the yield in line with what we're seeing in the secondary market".

"The yield curve for Portuguese debt shows no stress with Portugal and investors are taking advantage of opportunities not only with Portuguese public debt but also in the debt of Portuguese companies," he added.

The IGCP has said that it aims to issue a gross amount of 18 billion to 20 billion euros in medium- and long-term debt in 2016, at least one bond auction for each quarter. Enditem