Portugal passes auction test
Portugal’s auction of a Eu1bn 10 year bond today showed new enthusiasm — or at least tolerance — for Club Med bonds. But given the volatility, it was strange timing for the Grand Duchy of Luxembourg to issue only its second deal in history — a Eu2bn 10 year which was priced at what many consider to be a generous mid-swaps plus 18bp. Read EuroWeek on Friday for opinions on Luxembourg’s deal, the bail-out, and what is in the pipeline.
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