Portugal sold as much as 1 billion euros of three-month notes today on lower yields, which have dropped to 4.346% compared with 4.873% yields recorded an auction earlier, according to the nation's debt management agency.

Demand for the Portuguese bonds was 2.4 times the quantity offered, compared with the previous 2.0 times demand seen in the December auction. The country sold the maximum target of bonds, where the Portuguese Treasury targeted sale in a range between 750 million euros to 1.0 billion euros, according to the agency.