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Portugal’s costs rise at auction but investors in for long haul

BES plunge

Portugal’s 12 month borrowing costs rose by the highest amount at auction in a year on Wednesday morning, suggesting that the sovereign is not immune to the problems engulfing Banco Espirito Santo. However, the result was tempered by trading in Portugal’s longer term debt, with yields down in everything longer than one year paper in secondaries immediately following the auction.

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