Portugal
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Portugal attracted strong domestic interest on Thursday when it became the first issuer from the eurozone to enter the Panda bond market. Other borrowers from the eurozone are set to follow in its path, including Austria, as issuers look to broaden their investor base and develop the Panda market. -
Portugal sold its long-awaited debut Panda bond on Thursday, becoming just the third European sovereign and the first from the eurozone to tap China’s bond market.
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Portugal mandated Bank of China and HSBC on Tuesday to place its first renminbi bonds on the China interbank bond market, as it looks to become the first eurozone sovereign to issue Panda bonds.
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Caixa Económica Montepio Geral opened books for its first public tier two capital issue on Wednesday, announcing eye-catching price thoughts of 10.5% area.
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Banco BPI mandated lead managers for a five year Portuguese covered bond on Thursday — the first from the country since October 2017. The announcement suggests borrowers have a good reason to hit the market even though they will be able to fund more cheaply by tapping the European Central Bank.
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Sell-side sources are hoping that Iberian ECM can return to its golden age with sellers prepping more issuance after two deals hit screens in the last week.
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Portuguese paper company The Navigator has become its country’s first company to set up a sustainable commercial paper programme. The €65m operation was announced by its agent bank and bookrunner BBVA.
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Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds.
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Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one.
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Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.
