Portugal
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Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015. -
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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Caixa Geral de Depósitos attracted a solid €2bn of demand on Thursday for Portugal’s first additional tier one, as the bank made important headway on its recapitalisation plan. But market participants were divided over calculating fair value for the risky debt instrument.
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Euronext today agreed to a strategic partnership with Morningstar which will bring new indices and derivatives contracts to the pan-European exchange within two weeks.
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Skandinaviska Enskilda Banken (SEB) took advantage of buoyant market conditions that followed Wednesday’s US Federal Open Market Committee (FOMC) meeting, quickly attracting an oversubscribed order book for a dollar perpetual non-call five year additional tier one (AT1). At the same time, Caixa Geral mandated leads to roadshow a euro-denominated AT1.
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Shares in Banco Comercial Português rose as much as 9.3% on Monday after it announced late on Friday the successful completion of its €1.33bn rights issue to strengthen its core tier one capital ratio and finance the redemption of contingent convertible bonds owned by the Portuguese government.
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Energias de Portugal drove into the euro bond market on Tuesday with a €600m long six year transaction that tapped into investors’ taste for crossover credit.
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Shares in Banco Comercial Português, the Portuguese bank, closed 15% higher on Tuesday after they began trading ex-rights ahead of its €1.33bn rights issue to strengthen its capital buffers and repay contingent convertible bonds owned by the Portuguese government.
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