LISBON: Portugal sold more than planned in a Treasury bill auction on Wednesday, with three-month borrowing costs falling to negative record lows and 11-month yields down sharply as concerns over Greece diminished after creditors approved its new bailout.
The IGCP debt agency sold 1.15 billion euros ($1.27 billion) total in three- and 11-month T-bills, above its indicated offer range of up to 1 billion euros.
The average yield on 11-month bills fell to 0.021 percent at the auction from 0.159 percent in the previous auction of the same maturity in June, and was close to the record low of 0.015 obtained in April.
The IGCP sold 750 million euros of 11-month bills and 400 million euros of the shorter issue.
The average yield on three-month bills fell to -0.013 percent from 0.044 percent in June. Demand for 11-month bills outstripped the amount placed by 2 times, and by 3.1 times for the shorter maturity.
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