Portugal

The European Commission said on Monday that private equity firm Lone Star Fund’s planned acquisition of Novo Banco, the Portuguese financial institution, was in line with the European Union’s merger regulations.

The governor of People’s Bank of China says Chinese banks must face international competition, the China Securities Regulatory Commission (CSRC) considers changes in Stock Connect daily trading quotas after MSCI’s A-share inclusion, and the Hong Kong Exchange plans to launch CNH and dollar gold futures on July 10.

It won the Euros, it won Eurovision – now it is time to win back its lost investment grades.

The triumphant return of Banco Comercial Português to the covered bond market this week after an eight year absence marks a turning point, not just for the bank but the Obrigações Hipotecárias market as a whole.

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.

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.

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.

Mário Centeno, the Portuguese finance minister, has said that Portugal is considering issuing renminbi denominated bonds, according to Portuguese news agency Lusa.

Brisa Concessão Rodoviária printed a €300m 10 year bond on Wednesday, extending its maturity curve to 2027.

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.

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.