Bloomberg News

Portugal Sells 1.12 Billion Euros of Bills Due in February, May

November 16, 2011

Nov. 16 (Bloomberg) -- Portugal sold 1.12 billion euros of three-month and six-month bills in auctions today, the country’s debt management agency said.

Portugal sold 350 million euros in six-month bills due in May. The securities were issued at an average yield of 5.25 percent, the agency, known as IGCP, said. That is the same average yield of a previous auction of six-month bills on Oct. 19. The auction attracted bids for 4.1 times the amount offered, compared with a bid-to-cover ratio of 3.7 in October.

The debt agency also sold 773 million euros of three-month bills due in February at an average yield of 4.895 percent, attracting bids for 2.4 times the amount offered. That compares with an average yield of 4.997 percent at a previous auction of three-month bills on Nov. 2, with a bid-to-cover ratio of 2.0.

The IGCP, as the debt agency is known, on Nov. 10 said the total indicative amount for today’s auctions was between 750 million euros and 1.25 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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