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Portugal places 700 mln euros in 5-year treasury bonds at record rates

Xinhua, November 24, 2016 Adjust font size:

Portugal placed 700 million euros (738.9 million U.S. dollars) in 5-year treasury bonds Wednesday at a rate of 2.112 percent, the highest rate registered in bonds for this maturity in auctions held this year.

Demand was 1.92 times supply, according to debt agency IGCP.

Portugal issued 1 billion euros in 5-year bonds in the last auction on Oct. 26 at a rate of 1.75 percent.

Last month, ratings agency DBRS maintained Portugal's credit rating at the lowest investment grade level with a stable outlook.

However, DBRS is only one of four big credit agencies whose rating allows Portugal to sell debt to the ECB under its bond-buying program.

S&P, Moody's and Fitch all downgraded Portugal to junk in 2011 and analysts have warned that the former bailout recipient's bond market is vulnerable, with the country still suffering from weak growth and bank troubles. (1 euro = 1.06 U.S. dollars) Endit