Portugal’s borrowing costs fell at an auction of €1.2 billion euros ($1.6 billion) of 18-month bills.
The securities due in September 2014 were issued at an average yield of 1.506 per cent, the country’s debt management agency said. That compares with an average yield of 1.963 per cent at a previous auction of 18-month bills on January 16th. The auction attracted bids for 2.1 times the amount offered, compared with a bid-to-cover ratio of 2.7 in January.
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