July 4, 2013 / 9:31 AM / 5 years ago

Portuguese yields reverse falls, head higher

LONDON, July 4 (Reuters) - Portuguese bond yields rose, albeit in low volumes, on Thursday, reversing earlier falls as investors worried the country’s political crisis could derail its return to capital markets.

“The market is very nervous (about Portugal). The rebound was very short-lived (and) the U.S. holiday is killing volumes,” one trader said. “They (investors) are worried about political risk in Portugal and a risk of a PSI-type event,” he added, referring to so-called private sector involvement that forced losses on holders of Greek debt last year.

Portuguese five-year yields were last up 5 basis points at 6.93 percent while 10-year yields were a shade higher at 7.53 percent, having fallen as low as 7.22 percent earlier in a thin market.

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