May 17, 2017 / 12:41 PM / 8 months ago

Portuguese bond yields tumble, gap to Germany tightest in a year

LONDON, May 17 (Reuters) - Portugal’s borrowing costs tumbled on Wednesday to their lowest level since late October, extending recent falls against a backdrop of improving economic growth and political stability in the single currency bloc.

Ten-year Portuguese bond yields fell to a low of 3.197 percent and were last down 10 basis points on the day, outperforming euro zone peers. That closed the gap with top-rated German Bund yields to its tightest in just over a year at 279 basis points.

Easing concerns about the euro zone’s future following France’s presidential elections and stronger data has boosted sentiment towards debt on its periphery. Data earlier this week showed Portugal’s economy grew at its strongest pace in a decade in the first quarter, expanding 2.8 percent from a year earlier. (Reporting by Dhara Ranasinghe; Editing by John Geddie and John Stonestreet)

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