First Portuguese company taps bond market since bailout

Portuguese electricity and gas company EDP has raised 750 million euros ($984 million) in the first major bond placement since the eurozone country was forced to seek a bailout last year, Societe Generale said Monday.

Demand for the five-year bonds with a coupon of 5.750 percent, lower than the 6.06 percent yield on Portuguese state bonds, was 10 times the amount placed, said the French bank which organised the placement.

No Portuguese company had held a bond issue above the reference level of 500 million euros since the country was forced to seek an EU-IMF bailout in April 2011 worth 78 billion euros.