The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Bond yields: Portugal flies on two engines

The country is thumbing its nose at the doom-laden reports of hedge funds and letting its bond yields do the talking. Despite some unnerving economic data, the economy is firing on all cylinders and investors are keen to catch some of that momentum.

The only thing worse than being talked about, said Oscar Wilde, is not being talked about. If that’s true, the New York-based hedge fund Tortus Capital Management must have been disappointed by Lisbon’s response to a 64-page report it published in January, called Rehabilitating Portugal. 

It was a blitzkrieg of a document; a relentless barrage of bullet points arguing that the Portuguese status quo was unsustainable. It is an indication of the country’s new-found confidence, however, that the Tortus document was greeted in Portugal, according to one local economist, with supreme indifference.

Southern Europe has been here before. When John Taylor, of the now bankrupt FX Concepts, forecast a Spanish default and a euro break-up, Spain let its bond yields do the talking.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree