Sept. 21 (Bloomberg) -- Portugal’s borrowing costs increased at an auction of 250 million euros ($342 million) of six-month bills.
The securities due in March 2012 were issued at an average yield of 5.249 percent, the country’s debt management agency said. That compares with an average yield of 4.989 percent at a previous auction of six-month bills on Aug. 17. The auction attracted bids for 4.5 times the amount offered, compared with a bid-to-cover ratio of 7.2 in August.
The debt agency also sold 1 billion euros of three-month bills due in December at an average yield of 4.931 percent, attracting bids for 1.7 times the amount offered. That compares with an average yield of 4.959 percent at a previous auction of three-month bills on Sept. 7, with a bid-to-cover ratio of 2.2.
The IGCP, as the debt agency is known, on Sept. 15 said the total indicative amount for today’s auctions was between 750 million euros and 1.25 billion euros.
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