Bloomberg News

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

September 07, 2011

Sept. 7 (Bloomberg) -- Portugal’s borrowing costs increased at an auction of 854 million euros ($1.2 billion) of three-month bills.

The securities due in December were issued at an average yield of 4.959 percent, the country’s debt management agency said. That compares with an average yield of 4.854 percent at a previous auction of three-month bills on Aug. 17. The auction attracted bids for 2.2 times the amount offered, compared with a bid-to-cover ratio of 1.8 in August.

The IGCP, as the debt agency is known, on Sept. 1 said the 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: Henrique Almeida at halmeida5@bloomberg.net


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