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Portugal sells 10-year bonds for first time since bailout

  • Portugal has sold €750M in 10-year bonds at a yield of 3.5752%, representing the return of the country to international debt markets after a hiatus following its €78B bailout in 2011.
  • Portugal's offering comes after Greece sold €3B in five-year bonds earlier this month.
  • "The story is the same as the rest of Europe," writes Joe Wiesenthal. "The market believes that governments have an implied backstop from the ECB, preventing default."
  • ETF: PGAL
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