A few days ago, when it was first announced that Portugal is contemplating a direct placement of bonds (with amount and buyer undisclosed), we speculated: "Reuters reports that Portugal is in the process of making a private placement of bonds, without announcing details on size or the buyer. Our guess: buyer is China, and size is about €1 billion." We were off. By €100 million. The WSJ has just confirmed that China was indeed the buyer, and the amount purchased was €1.1 billion. It is unclear if, as we suspect, Goldman Sachs was the underwriter on the transaction.