Portugal
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◆ LF Bank finds 'some resistance' to spread tightening ◆ Big divergence on FV ◆ Novo Banco spread 'astonishing' -
Portuguese utility's books bulge and its spread zapped in
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Two more syndications to come and market is strong, but issuer is aware that 'uncertainty is still there'
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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Missing Italian giants expected back in the OBG market next year
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Market participants weigh up how to evaluate Spain-France inversion and outperformers like Portugal and Greece
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No let-up in demand as the third week of high issuance activity gets underway
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Government bond spreads could continue to tighten versus core and semi-core peers
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Wide spreads have insulated eurozone periphery borrowers from rates volatility — for now
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Austria, France and Portugal opt for the same window
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◆ Deal makes ‘a great story’ after previous senior offering struggled ◆ Investors are hungry for high beta Southern European bonds ◆ Attractive versus recent Nordea tier two
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◆ Portuguese insurer offers an ESG first ◆ ‘More scope’ for labelled perp capital from insurers than banks, says lead manager ◆ Investors liked ‘attractive outright level’
