Portugal
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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. -
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.
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Portuguese banks will be able to use more of their loans to back covered bonds as house prices rise and domestic mortgages become safer products, Moody’s said this week.
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In this round-up, Trump was confident China would deliver on promises from G20 dinner, China signed several cooperation agreements in Panama and Argentina, China Financial Futures Exchange (CFFEX) planned to lift bans on trading stock-index futures to boost market activity.
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The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.
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Portugal extended its duration with a bond exchange on Wednesday, exchanging two bonds maturing in 2020 and 2021 for taps of bonds maturing in 2023 and 2027.
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Liberbank plans to issue its first covered bond, a transaction that will help refinance maturing debt borrowed under the European Central Bank's second Targeted Longer-Term Refinancing Operations (TLTRO). Many other banks face a similar problem, but seem to be ignoring the €399bn maturity wall that is fast approaching, writes Bill Thornhill.
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One of the three major Portuguese football clubs has announced plans to sell a new corporate bond. Sporting Lisbon is set to refinance its borrowing for a third time, having sold its first issue in 2008. However, the club has been through a particularly troublesome period on and off the pitch.
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Portuguese covered bonds have held steady after Moody’s upgraded the sovereign rating to investment grade rating. Given the market’s poor liquidity, new issuance is likely to play a more pivotal role in determining the spread outlook than the sovereign's credit rating.
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Sonae MC, the largest Portuguese food retailer in Portugal, joined the list of IPOs felled by volatile markets this week, but the IPO market had some positive news on Friday as Knorr Bremse traded up.
