Bond Trouble in Portugal

March 9th, 2011
in econ_news

Portugal flagEconintersect:  Portugal’s Treasury and Government Debt Agency bond auction today (Wednesday, March 9) did not go well.  The entire €1 billion issuance of a 2.5-year government bond was sold, but rates were much higher than the previous auction.  Today the average yield was just under 6% (5.993% according to The Wall Street Journal).  This was much higher than the 4.086% average yield in the previous auction, The WSJ article said.  The auction was for the 5.45% September 2013 bond.

Follow up:

The yield was also higher than the 3-year bond got in a January 12 auction (average 5.4%).  In January it was widely felt that a Porugal bail-out by the ECB, if needed, was becoming more likely.  The political opposition to such action has been growing recently, especially in Germany.  

Source:   The Wall Street Journal and

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