Portugal’s short-term yields fall

Portugal successfully shifted hundreds of millions of euros of short-term bonds at drastically lower yields yesterday, in its first debt auction since it returned to the bond market earlier this month. It sold €770m (£624.9m) worth of 12-month debt at yields averaging 2.1 per cent – well down on the 3.5 per cent it paid in July. However six-month debt yields crept up from 1.7 per cent in September to 1.8 per cent yesterday.