Portugal
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A ratings boost for Portugal could alert the country's covered bond issuers to the chance to print more, with the asset class at historically tight spreads. -
Analysts at Danske Bank have said that Moody's could raise Portugal's credit rating this week even, amid signs of a weakening European economy. Such a move would have a knock-on impact for the country's banking industry, which has shown clear progress in improving its asset quality.
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The autonomous region of Azores mandated two banks on Thursday for its first visit to the debt capital markets since 2016 and what could be its largest ever bond.
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Portugal has announced its funding auction plans for the third quarter of the year, with syndicated debt sales also due to be part of the funding mix.
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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.
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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.
