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Portugal launches bonds with historic low yield
Last Updated: 2017-11-09 10:13 | Xinhua
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Portugal launched 1.25 billion euros of 10-year bonds on Wednesday with the average yield a historic low.

The 10-year notes pay 1.939 percent, the first time a Portuguese government bond of that maturity has paid out less than 2 percent.

The last 10-year bonds, issued on Oct. 11, paid 2.327 percent. On Sept. 15, paper of the same length was launched with a 2.785 percent average coupon.

Portugal's 10-year bonds had been trading below 2 percent in the secondary market on Tuesday.

The downward trend can be traced back to the Standard&Poor's ratings agency upgrading Portugal to BB+ shortly after the September auction.

Portuguese debt thus returned to investment grade level for the first time in five-and-a-half years. The improved status enables Portugal to sell bonds to sovereign wealth funds and pension funds.

The IGCP, Portugal's debt management agency, said demand for the new bonds were high, which were 1.57 times oversubscribed

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