Portugal raises $1.34B in successful bond auction

Financially troubled Portugal raised euro990 million ($1.34 billion) Wednesday in a key bond auction that had more bids than bonds available, suggesting the government's austerity plan is easing market concerns about the country's ability to pay off its high debts.

Alberto Soares, president of the Portuguese debt agency, told The Associated Press the institution received bids worth euro1.58 billion ($2.15 billion) for the April, 2021 bonds at a rate of 4.17 percent. The agency had intended to auction just euro750 million ($1.02 billion) but agreed to sell more as demand soared.

"It went very well," Soares told The AP by phone.

The …