This is interesting. Rather than auctioning bonds, as they were expected to do as early as next week, Portugal will sell bonds in a private placement.
That should given them a bit more control over pricing and leave less to chance.
Who’d buy the private placement? Well there is one country which has recently been quite vocal in its support for the euro zone...The Portuguese finance ministry refused comment when asked about potential buyers by Reuters.
Could be a very modest plus for the euro in that Portugal may avoid the embarrassment of a poor auction…