Portugal has sold €1.645 billion in one-year bonds with an average yield of 5.79%, The Wall Street Journal reports. The offering was oversubscribed by 1.4 times, attracting €2.338 billion of bids.

The government had originally planned to issue about €1.5 billion of the bonds due in June 2012. Portugal is seeking to sell €7 billion of Treasury bills in the second quarter of 2011 to repay around €4.2 billion of bonds maturing in April and €4.9 billion of bonds in June.

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