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 (recall that recently China told Spain it would buy about €6 billion from the three PIIGieS each). We will keep you updated, but this is a revolutionary change in the way bonds are sold to investors as it bypasses the traditional dutch approach entirely. As such, we would not be at all surprised if Goldman is the underwriter. After all this is basically a 144A transaction (although unlike in facebook there is no need for an SPV), and since there is no noise associated with a public offering, the buyer and seller can both pretend things are great until everything collapses in the inevitable post house of cards rubble.