LISBON: Portugal placed 1.5 billion euros ($1.59 billion) in five-year bonds, three times the initial offer, after demand from retail investors based in the country exceeded 2 billion euros, state debt agency IGCP said on Monday.

The variable rate bonds yield a minimum 2 percent over the six-month Euribor rate, with interest paid semiannually.

Portugal has been relying more on the retail market for bond placings in the past year, regularly selling more than planned.

Treasury officials have said the market is becoming more important for funding thanks to strong demand from Portuguese investors, who want alternatives to low deposit rates.

Out of 90,370 investors, 86 percent bought small batches of bonds worth between 1,000 and 20,000 euros, the IGCP said.

Copyright Reuters, 2016