Portugal raised 3 billion euros by issuing 10-year bonds at an average interest rate of 5.11 percent, Portugal’s public credit management institute, IGCP said Monday in Lisbon.
According to the final results, the Treasury Bond issue met the target of 3 billion euros set by the government and was heavily oversubscribed (demand totalled 9.3 billion euros).
In May of last year Portugal issued 10-year bonds at an average rate of 5.669 percent and demand totalled 10 billion euros and in January it also issued 3.1 billion euro’s worth of five-year bonds at 4.657 percent with demand of 11.2 billion euros.
The issue was syndicated by Barclays, Banco Espírito Santo, Citibank, Crédit Agricole, Société Générale and the Royal Bank of Scotland and was the second long term Treasury Bond issue of the year.
This operation is expected to provide the Portuguese state with the funding it needs for the whole of 2014 and to prepare the way for 2015. (macauhub)