According to the website of the IGCP, €300 million in six-month bills were placed at a rate of 0.108%, against 0.243% in July of last year. Demand was 2.6 times the total amount placed.


At the same time, €940 million of 12-month bills were placed at a rate of 0.221%, down from 0.282% in December 2014. Demand was almost twice the amount placed.


"It's good news that the country can finance itself at such low rates," the director of fund management at Banco Carregosa, Filipe Silva, said regarding the auction. "This rates are historic minimums."


Demand was so strong, he noted, since "investors have no alternatives" given that the yield on Germany's 10-year bonds is currently 0.4% while those on shorter-dated debt is negative.