Portugal succeeds at auction but fails to sway analysts

Portugal sells $1.6 billion worth of government debt at auction, but commentators remain wary of fundamentals


Analysts remained unconvinced about Portugal's prospects despite a successful bond auction on Wednesday that saw the Instituto de Gestão da Tesouraria e do Crédito Público (IGCP), the country's debt office, sell €1.249 billion ($1.626 billion) in bonds.

The sale of note maturing in October 2014 fetched €650m, while the note maturing in October 2020 fetched €599m. The weighted average yield, which indicates the premium investors attach to the notes, stood at 5.396% for the four-year note and 6

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