Periphery buffeted as Portugal auctions debt
Portugal is auctioning Eu750m-Eu1.25bn of its October 2016 and June 2020 bonds today, the first test of appetite for its debt since EU officials flagged the idea of bondholder haircuts. Portuguese debt is stable to slightly tighter on the day but suggestions from the German finance minister that European sovereign bonds should specify what will happen to creditors should they need to access the new mechanism has added to the general malaise. Meanwhile Ireland continues to drift wider. Read EuroWeek on Friday for an update on the crisis.
Jo Richards +44 20 7779 7315
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