Portugal
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The primary covered bond market is expected to be active next week with four or five deals potenitially surfacing, in addition to the five being actively marketed. But non-eurozone bonds are being better offered, and the global interest rate outlook is becoming less accommodative. -
Another year, another ISDA conference. But this wasn’t just any other year. With variation margin requirements in the rearview mirror, MiFID II looming in 2018 and the question of London euro clearing troubling many, the trade body had a lot of questions to tackle in just two packed days of panels and speeches.
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Rabobank plans to roadshow its debut covered bond next week, while Banco Comercial Portugues will begin marketing a deal after an eight year absence. And after publishing an offering circular this week, Bank Queensland (BOQ) is expected to announce its first deal soon.
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After Banco Santander Totta broke the two year Portuguese covered bond hiatus with a well performing seven year in April, Banco Comercial Portugues has mandated leads for its first covered bond since 2009.
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Mário Centeno, the Portuguese finance minister, has said that Portugal is considering issuing renminbi denominated bonds, according to Portuguese news agency Lusa.
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Brisa Concessão Rodoviária printed a €300m 10 year bond on Wednesday, extending its maturity curve to 2027.
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Banco Santander Totta did well to raise €1bn of seven year funding on Thursday at a record level through govies, given the damaging ramifications for peripheral Europe that would follow if France’s far left and far right presidential candidates made it through to the second round of voting.
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Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015.
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Moody’s has downgraded Novo Banco’s long-term senior debt ratings, with the ratings agency describing the Portuguese bank’s proposed liability management exercise as a ‘distressed exchange’.
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As part of Novo Banco’s sale process, senior bondholders may be asked to exchange their securities for subordinated bonds at a deep discount to book value.
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