Big congratulations to Portugal which successfully raised 1.2 billion euros at auction. The average yield of 6.719% was actually a bit lower than the last auction. Bid to cover of 3.2x was above the previous one, though of course one sees the hands of Jean-Claude Trichet all over this.
Nonetheless, Europe is having a monster morning.
Spanish stocks are loving the idea of a Portuguese firewall. The IBEX is up nearly 4%.
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