December 15, 2017 / 10:01 AM / 3 months ago

Portuguese yields drop below Italy for first time in almost 8 yrs

LONDON, Dec 15 (Reuters) - Portugal’s 10-year bond yield fell to its lowest level in more than two years on Friday, trading below Italian yields for the first time since early-2010 ahead of a Fitch Ratings review that could give the country a second investment grade rating.

Fitch rates Portugal BB+ with a positive outlook and an upgrade into investment grade territory would see the country return to major bond indices for the first time in years.

Portugal’s 10-year bond yield fell seven basis points to 1.77 percent, its lowest level since April 2015. Yields were below those on Italian counterparts for the first time since early 2010, according to Tradeweb data.

Reporting by Dhara Ranasinghe; editing by Sujata Rao

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