Portugal swaps 1.9bn euros of bonds for longer maturities

Portugal swapped just over 1.9 billion euros ($2.15 billion) total of government bonds expiring in 2020 and 2021 for five and 9-year bonds on Wednesday, extending the maturities of its debt profile.

The IGCP debt agency said it bought back almost 1.04 billion euros of June 2020 debt paying 107.71 percent and 870 million euros of April 2021 bonds at 109.39 percent.

Those were replaced with almost 1.57 billion euros of Oct. 2023 bonds, which were sold at a price of 121.11 percent, and 341 million euros of April 2027 bonds sold for 119.43 percent.