Portugal’s borrowing costs dropped at an auction of €1.29 billion of 18-month bills.
The securities due in March 2014 were issued at an average yield of 2.967 per cent, the country’s debt management agency said. That compares with an average yield of 4.537 per cent at a previous auction of 18-month bills on April 4th. The auction attracted bids for 2.4 times the amount offered, compared with a bid-to-cover ratio of 2.6 in April.
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