Portugal Sells 10-Year Benchmark Bonds, Yield Is About 5.5%, As It Returns To The Market Two Years After Being Financially Rescued

on May 07 2013 8:18 AM

Debt-burdened Portugal on Tuesday sold benchmark 10-year bonds worth 3 billion euros ($3.93 billion) in its first such offering since it was financially rescued two years ago. 

The sale signals that the nation, which had its credit worthiness recently downgraded to junk status by the world's three major ratings agencies, is on track to exit its three-year, 78 billion euro bailout program within the scheduled June 2014 time table.

The yield on Portugal's 10-year bonds has been falling and on Monday was hovering around 5.5 percent, its lowest level since September 2010.

Finance Minister Vitor Gaspar told reporters in Brussels that the sale "has been a great success."

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