Portugal

Five IPOs from the region on top of Puig and Golden Goose expected in the first half of the year

Chinese conglomerate retains 20% stake in Portugal’s largest listed bank

◆ Portuguese lender lands deeply subordinated capital deal far tighter than when it first intended to call old note in November ◆ 'Super strong' market for FIG capital serves a tailwind ◆ 50bp tightening from IPTs

Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done

◆ Portuguese lender has authorisation to redeem its only AT1 early ◆ Atypical action suggests no replacement deal ◆ Last week's red-hot AT1 reception suggests strong demand reserved for biggest banks

Fitch upgrades Portugal as it achieves budget surplus

The rest of 2023 is a 'write-off' but several businesses plotting listings next year, bankers say

Size and spread of the bank’s latest transaction should ensure a fair performance

◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return

- Why capital trades work in a market that 'lacks conviction' - The investors that drove Novo's new tier two last week - Some hold out for extra yield

Investors drawn to recovery story as bank raises capital at under 10%

Sovereigns should take advantage of positive spreads and rating moves to get funding