Vítor Gaspar revealed that "had more than 9 billion euros of demand for our titles to 10 years."
The Minister of Finance said today in Brussels that the debt issuance to 10 years was a "great success," noting that demand outstripped supply in "more than three times." Vítor Gaspar ensured that financing needs for this year are "fully" covered.
"At this time, not only did we have fully fund our needs for this year, as we begin the pre-financing for 2014 in order to ensure that we are able to logout successful adjustment program," said Minister Vitor Gaspar, in remarks to reporters.
"The operation was a great success, the books are almost closed and there is a very considerable excess of demand over supply. Demand exceeded supply by more than three times, which means we had more than 9000 million the demand for our titles to 10 years, "he added.
The minister said that "price is also favorable," adding that he indications that ensure that "the rate of return will be below 5.70%."
This value, Vítor Gaspar said, is "about 100 basis points, about one percentage point below the conditions of funding that was possible to obtain" the past emissions, made in late 2010 and early 2011.
The amounts that Portugal may have access, he said, "are far superior and market liquidity has any kind of comparison."
The minister also considered "very important" an issue to 10 years, claiming to be a time that "the full yield curve and thus complete the return process to bond markets and normalizes access to markets."
The Portuguese government, through the institute that manages public debt (IGCP) has mandated six banks, including Caixa BI, to manage the issuance of government bonds with terms to 10 years, for the first time since asked foreign aid in 2011 .
The Secretary of the Treasury and the IGCP will give more details on the operation performed today at 18:30, said an official source at the Ministry of Finance.
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