Portugal on Wednesday became the first of the troubled euro-zone members to tap the bond market in 2011 — and had its borrowing costs jump yet again — while the European Union began issuing bonds to finance its rescue fund for Ireland…
By coincidence, the Portuguese auction coincided with the first foray of Europe’s bailout-finance agencies into the debt market to help pay for the €85 billion Irish bailout.

The European Financial Stabilization Mechanism, one of two systems set up to finance rescues of embattled governments, on Wednesday issued €5 billion in five-year bonds.