Portugal
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Five IPOs from the region on top of Puig and Golden Goose expected in the first half of the year
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Chinese conglomerate retains 20% stake in Portugal’s largest listed bank
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◆ 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
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Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done
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◆ 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
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Fitch upgrades Portugal as it achieves budget surplus
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The rest of 2023 is a 'write-off' but several businesses plotting listings next year, bankers say
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Size and spread of the bank’s latest transaction should ensure a fair performance
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◆ 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
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- 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
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Investors drawn to recovery story as bank raises capital at under 10%
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Sovereigns should take advantage of positive spreads and rating moves to get funding