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Portuguese 10-year bond yields fell 39 basis points on the day to 8.32 percent and yields on shorter dated bonds also fell.
"There's not much flow behind it, but some people are betting that things are going to get a bit better for them after the bond swap and, who knows, maybe the ECB is even going to intervene there at some point. But it's all speculation at this point," one trader said.
Earlier this week, Portugal carried out a bond swap to exchange bonds maturing next year for longer-dated debt, described by the country's debt agency head as a first step towards regaining market access.