Portugal could have chosen a better time to get a benchmark bond sold in an auction – as sentiment turned against the euro this week. It succeeded in finding investors for the debt – but it had to pay the price this morning amid weak demand.

Before the auction, the price of the debt was trading at 7.5% - its highest level since the eurozone crisis roiled the market in March last year, as shown by this chart of yesterday's trading activity in the secondary market on Portugal's 10 year bonds.