Dec. 7 (Bloomberg) -- Portugal’s borrowing costs fell at an auction of 1 billion euros ($1.3 billion) of three-month bills.
The securities due in March 2012 were issued at an average yield of 4.873 percent, the country’s debt management agency said. That compares with an average yield of 4.895 percent at a previous auction of three-month bills on Nov. 16. The auction attracted bids for 2 times the amount offered, compared with a bid-to-cover ratio of 2.4 in November.
The IGCP, as the debt agency is known, on Dec. 2 said the indicative amount for today’s auction was between 1 billion euros and 1.25 billion euros.
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