Strong demand for Portuguese bonds

09:10, January 14, 2011      

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Portugal sold nearly 1.25 billion euros in two bond maturities on strong demand. The amount came at the top end of the initially indicated offer. The issuance has lifted some pressure off the indebted country to seek a bailout.

The borrowing costs dipped on the key 10-year maturity. Analysts say bond purchases by the European Central Bank in the secondary market this week, averted a jump in Portugal's borrowing costs. The auction was seen as a key test of whether Portugal may end up requiring a bailout like Greece and Ireland.

The Portuguese government insists it doesn't need help, and can restore trust in its fiscal policies with an austerity programme of tax hikes and pay cuts.

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