On 4 January, Germany and Portugal successfully placed public debt paper in their corresponding sovereign-debt capital markets. In the first case it was government bonds, the well-known 'bunds' and by the latter country it was short-term bills.

In both cases, the auctions provided positive results both on the interest rate front and the coverage they attracted, reducing the costs of new financing. More precisely, Germany sold ten-year 'bunds' at a value of €4.3 billio...

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