October 10, 2016 / 6:51 AM / a year ago

Portugal's 10-year bond yield tumbles after fin min comments on DBRS stance

LONDON, Oct 10 (Reuters) - Portugal’s government bond yields tumbled in early Monday trade, with analysts citing positive comments from the country’s finance minister on the DBRS ratings stance as a reason for the move.

DBRS told Portuguese Finance Minister Mario Centeno late on Friday that it is “totally comfortable” with the country’s strong fiscal position, an evaluation that the minister said bodes well for Portugal to keep its only investment grade rating.

Without that investment grade rating, Portugal would not be eligible for the European Central Bank’s 1.7 trillion euro asset purchase scheme.

Portugal’s 10-year bond yield fell as much as 8 basis points to 3.53 percent, falling back from more than three-month peaks. (Reporting by Dhara Ranasinghe)

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