The auction produced an average yield of 5.396% for the 2014 bond, up by around 1.4 percentage points from a previous sale in October, reports said. Bids exceeded supply 2.6 times versus a bid-to-cover ratio of 2.8 in the previous sale. The 2020 bond saw the average yield fall to 6.719% from a yield of 6.806% in a previous sale, while the bid-to-cover ratio rose to 3.2 from 2.1 at a previous sale. "The auction showed that for the time being Portugal is still able to access financial markets, if at a price," said Paolo Pizzoli, economist at ING Bank.