The transaction was likely held last Friday

Day J for the Portugal. In a hectic environment, Lisbon will for the first time of the year test appetite of investors for its obligations. The Portuguese Treasury will place between 750 million and 1.25 billion euros of securities maturing 2014 and 2020. Throughout the year, it plans to raise EUR 19 billion.

The tensions are a little spin-offs before this auction, including through the statements of the Japan, who assured want to buy 20 of the first bonds issue European stability fund this month. The intervention of the European Central Bank (ECB) also contributed to the lull: according to Société Générale, the institution would have bought not less than 1 billion euros of securities on the market Monday. The rate to 10 years in the Portugal thus fell under the symbolic threshold of 7 that it had crossed last Friday. Yesterday afternoon, he relaxed 17 points of 6.8.

A number of market players believe that the country will succeed to place its debt today, provided they pay a high price. According to them, the Portuguese banks will mobilize to ensure a sufficient demand at auction. "We have well seen with the Ireland and even the Greece that, until the last moment, there was demand for emissions," said Cyril Regnat, at Natixis.

But beyond the deadline of today, the pessimism of the market seems well anchored. "The speculation on the Portugal will not disappear: a cost of 7 funding is not sustainable", indicates the team of BNP Paribas. "The market has proved inflexible toward the Greece and the Ireland;" We do not believe that it will be more tender with the Portugal, even if Lisbon is buyers today. "In other words, many operators continue to believe that the country should in turn call for help.

It is probably because he was aware that the Portuguese Government seeks to diversify its sources of funding. The FT Alphaville blog thus revealed yesterday that the Portugal had placed EUR 1 billion via its "Euro Medium Term Notes (EMTN) programme, probably from China. This program allows an issuer to place that is more complex, structured products to savvy investors. The transaction was likely held last Friday. According to market sources, the Portugal is enable this channel of funding, with other operations on much smaller amounts. In its official roadmap, the Government mentioned the possibility of recourse to this type of instrument by the market "opportunities" and to reach other investors.

Much less discreet, award of Portuguese debt of today will give the tone for other emissions of peripheral debt of the week: the Spain and the Italy tomorrow. Rates to 10 years in the two countries are thawing at 5.48 to 4.79 respectively yesterday, and the gap with the Germany is reduced. The differential reached 254 points of the Spain base and 186 for the Italy.

Than the offer request

The Greece saw his side its rate in 10 years melt of 11.7 59 points, which means that the price of securities climbed. Athens lifted 1.95 billion euros of titles of short term (6 months) at the rate of 4.90, barely more than the rate paid in November (4.82) and approximately 0.4 above the rate paid in April 2010. The application was 3.4 times greater than supply. The Greece no longer has access to the market of long-term debt.