‘Big success’ for Portugal in bond swap as it seeks to exit bailout

Portugal exchanged €6.64bn of bonds to reduce debt repayments due in the next two years as it tries to exit its €78bn international bailout without needing another rescue.

The swap will push back repayments on €837m of bonds maturing in June 2014, as well as €1.64bn of debt due in October 2014 and €4.16bn of October 2015 securities Lisbon- based debt agency IGCP said yesterday.

In their place, investors will receive about €2.68bn of notes due in October 2017 and €3.97bn of June 2018 bonds.