Portugal eases redemptions as Italy drives down costs

Portugal relieved a little of its redemption pressures ahead of its expected exit from a bailout programme later this year, buying back €1.3bn of debt maturing over the next two years on Thursday. Meanwhile, Italy paid 2005 prices to open a new 10 year line and printed five year debt at a euro-era low yield, as the compression in peripheral eurozone spreads since new year showed no signs of slowing — and may even have received a boost from tensions in eastern Europe.