Bloomberg News

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

November 02, 2011

Nov. 2 (Bloomberg) -- Portugal’s borrowing costs increased at an auction of 1.24 billion euros ($1.7 billion) of three- month bills.

The securities due in February 2012 were issued at an average yield of 4.997 percent, the country’s debt management agency said. That compares with an average yield of 4.972 percent at a previous auction of three-month bills on Oct. 19. The auction attracted bids for 2 times the amount offered, the same bid-to-cover ratio as in October.

The IGCP, as the debt agency is known, on Oct. 27 said the indicative amount for today’s auction was between 1 billion euros and 1.5 billion euros.

To contact the reporter on this story: Anabela Reis in Lisbon at areis1@bloomberg.net

To contact the editor responsible for this story: Joao Lima at jlima1@bloomberg.net


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