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Portugal's borrowing costs hit historic low

portugalPortugal’s State borrowing costs have hit a pleasing new low with a tranche of ten-year bonds costing taxpayers under 1.3%.

€1.25 billion of debt was sold at the lowest interest rate yet, with the years of recession and high rates now a thing of the past - until the next one.

The State agency that issues bonds, the 'Agência de Gestão da Tesouraria e da Dívida Pública' (IGCP), issued €388 million of seven-year bonds at an interest rate of 0.763%, with demand surpassing supply by 2.52 times.

The €862 million 10-year issue was sold at an interest rate of 1.298%, the lowest ever. The issue was 1.6 times oversubscribed.

The last issue of 10-year debt was a month ago and set a record low, which has just been beaten.

The amount of State borrowing planned for 2019 is expected to be around €8.6 billion.

Comments  

+4 #2 Darcy 2019-03-16 12:20
The EU is looking forward to the end of this fiasco that Britain is subjecting the EU 27 member states to.
I hope the EU do not allow this nonsense to continue for any longer than 29th of March.
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0 #1 Hamilton 2019-03-14 15:40
A useful figure being circulated in the UK press is that the loss of the UK to the EU is the equivalent to losing the 19 smallest EU economies. A total that includes the 'mighty' Portuguese economic miracle.
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