Portugal
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Citi has named the leadership for its banking, capital markets and advisory business in Iberia. Meanwhile, it has also announced who is taking on Abraham Douek's responsibilities in DCM after he quit to join Santander. -
Greenvolt, the Portuguese biomass energy operator, is preparing to go public on the Lisbon stockmarket, having announced its intention to float this week.
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Spain and Portugal are reducing the sizes of their funding programmes for this year, the countries’ respective heads of debt management operations said during appearances on a panel at the Global Borrowers and Bond Investors Forum 2021 on Tuesday.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level.
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Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The head of the Portuguese treasury and debt management agency (IGCP) said she supports France’s novel approach of engaging with investors to tackle the problem of inflated orders.
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EDP Renováveis, the Portuguese renewable energy company, priced a €1.5bn capital increase on Tuesday night. The trade will help the company fund expansion and attracted strong demand, but it had to offer a big discount as fears over rising bond yields continued to cast a shadow over the sector.
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Banco Comercial Portugues made a rare foray into the senior market on Friday, enticing investors with a bit of extra yield on its speculative grade transaction.
