Bloomberg News

Portugal’s Borrowing Costs Rise at Auction of Three-Month Bills

June 01, 2011

June 1 (Bloomberg) -- Portugal’s borrowing costs increased at an auction of 850 million euros ($1.2 billion) of three-month bills.

The securities due in September were issued at an average yield of 4.967 percent, the country’s debt management agency said. That compares with an average yield of 4.652 percent at a previous auction of three-month bills on May 4. The auction attracted bids for 2.7 times the amount offered, compared with a bid-to-cover ratio of 1.9 in last month’s sale.

The IGCP, as the debt agency is known, on May 26 said the total indicative amount for today’s auction was between 750 million euros and 1 billion euros.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Jim Silver at jsilver@bloomberg.net


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