Portuguese yields rise after Lisbon requests aid review delay

LONDON, July 12 Fri Jul 12, 2013 3:40am EDT

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LONDON, July 12 (Reuters) - Portuguese government bonds underperformed other euro zone debt on Friday after Lisbon requested a delay in the next regular review of the country's bailout by its creditors due to its political crisis.

Portuguese 10-year yields rose 11 basis points on the day to 7.08 percent. In contrast, equivalent Spanish yields fell 10 bps to 4.72 percent.

"Portugal is struggling as the government delays the next quarterly review to the end of August which is clearly fueling fears that Portugal doesn't have the appetite for further fiscal consolidation measures in place," said Nick Stamenkovic, a rate strategist at RIA Capital Markets.

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