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PIGI’S Update: Portugal Bond Auction
Portugal Sold €1 billion of 2-month T-Bills at a yield of 4.657%, with was only slightly higher than the prior auction’s rate of 4.652%.
The initial indicative offering was for €750 million to €1 billion.
The bid-to-cover was 2.1 vs. prior of 1.9.
Analysts note that the rate was surprisingly high given that the EU had approved a bailout earlier in the week.
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