September 18, 2017 / 6:48 AM / a year ago

Portugal's bond yields slide as country returns to investment grade

LONDON, Sept 18 (Reuters) - Portugal’s 10-year bond tumbled to its lowest level in more than a year on Monday after the country returned to an investment grade rating after 5-1/2 years.

Standard & Poor’s on Friday became the first of the big three credit ratings agencies to lift Portugal back to investment grade, citing its improving economy and public finances. Portugal lost the investment grade at the height of its debt crisis in January 2012.

Portugal’s 10-year bond yield slid 8 basis points to 2.714 percent, its lowest level since August 2016, according to Reuters data.

That move left the gap over top-rated German Bund yields at around 228 basis points, its tightest level since January 2016. (Reporting by Dhara Ranasinghe; Editing by Toby Chopra)

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