"Notwithstanding this auction, it's very unlikely Portugal will exit this program without a walking stick, " says Mujtaba Rahman, Europe director at Eurasia Group.

WSJ: Good Omens But No Guarantees for Portugal

"As of now, our financing needs are completely covered for this year, and we are starting a pre-financing for 2014 to guarantee we will be able to exit our adjustment program successfully, " he added.

WSJ: Good Omens But No Guarantees for Portugal

Officials in the attorney general's office were uncertain what surrender penalties would apply to teachers who sought to exit the program before new products are offered next year (when no-penalty rollovers will be permitted at least on variable annuity investments).

FORBES: Magazine Article

Some market participants haven't reacted to the Fed's promises to exit, believing the central bank won't have the will to wind down its purchase program.

WSJ: Fed Plan to Stop Buying Mortgages Feeds Recovery Worries