Portugal

The bumper IPO of Cepsa is likely going to give investors something different to look at when the market reopens in September with investors already excited by a number of new listings.

Portugal will need to disclose more information about its finances to proceed with its planned Panda bond issuance in China, according to a document published on the regulator’s website but later pulled.

WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.

Portuguese insurance firm Fidelidade is looking to raise tier two capital. It is the latest in a line of less familiar issuers in the sector.

Sumitomo Mitsui Financial Group came to the market on Tuesday with a senior deal that it originally announced in May. Meanwhile, Investec and Fidelidade were consulting on subordinated deals.

Portugal’s planned Panda bond is “being finalised” and the sovereign is “looking closely” at the green bond market, according to the country’s minister of finance.

On Wednesday the UK’s final court of appeal rejected Goldman Sachs’s attempt to recover money lost on a loan to Banco Espírito Santo through the British courts. The judge said the EU’s framework for dealing with failing banks might be undermined if the actions of resolution authorities could be challenged outside of their home country.

On Wednesday the UK’s final court of appeal rejected Goldman Sachs’ attempt to recover money lost on a loan to Banco Espírito Santo through the British courts. The judge said that the EU’s framework for dealing with failing banks could be undermined if the actions of resolution authorities could be challenged outside of their home country.

Look past the investor disputes, the non-performing assets and the triple-C rating. A risky form of debt in one of Europe’s most troubled banks might just be a screaming buy opportunity.

Novo Banco announced the successful pricing of its first public bond issue on Friday afternoon, with the vast majority of investors coming from outside of Portugal despite protests from international investors.

Novo Banco looked set to be able to place a tier two bond after announcing exchange offers from senior bondholders on Friday. But the Portuguese lender is beleaguered by investor protests as it seeks to complete a crucial stage on its path to becoming a normal bank. Jasper Cox reports.

UK asset manager Winterbrook Capital has gone public with a claim that events of default have occurred on Novo Banco senior notes, on the week in which the bank is attempting to sell a tier two bond and tender old senior bonds.