Greek Bond Sales Weak While Portugal Raises 2B Euros

For the third straight day, Greece was forced to increase the yield on 10-year bonds today, raising yields to 7.034 percent, up from 6.815 percent on Tuesday, and 6.637 percent on Monday. The spread when compared to the benchmark 10-year German Bund, widened to 3.9 percentage points from 3.67 points on Tuesday.

Portugal – which earlier had received a waning from the EU to address its deficit – claims to have sold two billion euros (US$2.68 billion) on what was termed “strong demand” for Portuguese debt. A total of 1.195 billion euros was raised by selling 10-year bonds at 4.34 percent, while another 805 million euros was earned selling two-year bonds at 1.715 percent. In both cases, demand greatly outweighed availability.

Source: AFP News

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