Portugal

Amid much turmoil over whether Portugal will lose the one investment grade rating that is keeping it on the European Central Bank’s shopping list, no one is asking a vital question.

Hemso Fastighets and Galp Gas Natural Distribuiçao on Thursday mandated banks to issue bonds during the first two weeks of September.

Grupos Isolux Corsán Finance has triggered a bankruptcy credit event, the International Swaps and Derivatives Association’s EMEA Determinations Committee has ruled.

The Bank of Portugal is now expected to decide in September whether it will sell Novo Banco to a private bidder, or place its shares with a wider group of institutional investors.

An auction to settle credit default swaps referencing Portugal Telecom International Finance returned a low final price, but slightly higher than had been indicated by secondary bond and CDS levels despite greater physical settlement interest to sell.

Seven bonds will be deliverable when dealers hold an auction next Thursday to settle credit default swaps referencing Portugal Telecom International Finance, with ISDA's Determinations Committee including June 20-terminating PorTel contracts in those triggered by the bankruptcy filing of Brazilian parent firm Oi.

Seven bonds will be deliverable into an auction to settle credit default swaps referencing Portugal Telecom International Finance, the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee has ruled.

Dealers will hold an auction to settle credit default swaps referencing Portugal Telecom International Finance, after the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee ruled that a bankruptcy credit event had been triggered on the contracts

Italy took advantage of a fall in its yields since a Brexit-induced spike late last week to print five year debt at a record low rate on Thursday, while Portugal announced plans for an exchange offer.

European levloan investors snatched up Logoplaste’s €570m of acquisition loans, with many making reverse enquiries for the deal.

Novo Banco is looking to buy back up to €500m of its outstanding senior bonds to take advantage of the low cash price of its bonds and to reduce its funding costs.

Novo Banco is looking to buy back up to €500m of its outstanding senior bonds, as it looks to take advantage of the low cash price of its bonds and reduce funding costs.