Portugal
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China held a series of high level government meetings with the UK and France in September. One of the most publicised pieces of news was the London’s plan for a Stock Connect but perhaps just as important are a number of moves by Euronext to facilitate Chinese investment on its platforms and develop new RMB products.
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A eurozone periphery sovereign is set to meet investors before a possible euro syndication, as a pair of countries from the region unveiled their funding plans for the rest of the year.
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Italy shunted just over €2bn of redemptions due over the next three years into the next decade, as Portugal sliced several basis points from its short term borrowing costs.
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Spain kicked off a busy week for the eurozone periphery with a bill sale where the sovereign’s borrowing costs repeated their pattern for much of this year by bumping around 0%.
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Italy’s borrowing costs dropped across the curve at an auction on Friday, although its yields at the longer end are still some distance from the euro-era lows hit earlier this year.
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Sponsored Euromoney Country RiskThe Euromoney Smaller European Companies Index Series currently comprises 1350 companies across 16 European countries.
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A European sovereign debt management office is mulling a return to dollars before year end to build its curve in the currency — after ending a four year absence from the market in July 2014.
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Portugal attracted more than €5.5bn of demand for the first syndicated deal from a peripheral sovereign since mid-June on Wednesday.
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Portuguese paper maker Portucel Soporcel on Monday said in a notice filed with the Luxembourg exchange that it will offer, in September, its second high yield bond to repay part of its 2013 notes.
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Portugal’s short term borrowing costs dipped back into negative territory on Wednesday for the first time since May, as the third Greek bail-out package swung into action and Ireland cancelled debt.
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Portugal overshot its maximum target at a dual tranche auction on Thursday, and was also able to reduce its borrowing costs on the shorter of the two tenors on sale.
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Spain’s three month borrowing costs dipped back into negative territory and to a record low on Tuesday, as the eurozone periphery enjoyed a strong run of trading before Portuguese auctions later this week.