Portugal
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The Portuguese treasury and debt management agency has unveiled its updated funding programme following the submission of its supplementary budget. The programme reveals the extent to which Portugal's borrowing needs have been elevated by the coronavirus crisis. -
The interest cost savings may not be enough to entice some countries to accept the European Stability Mechanism’s pandemic crisis loans, with Portuguese and Cypriot officials expressing doubt.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services.
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In spite of an equity sell-off on Wednesday morning, Portugal was warmly received when it hit the market on Wednesday, printing its largest ever single tranche deal and generating more orders than ever before. The deal should provide confidence for Ireland, which is also planning a syndication.
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Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.
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European banks are steering well clear of new issue markets during the coronavirus pandemic, avoiding having to call on investors for funding by taking advantage of attractive central bank funding schemes.
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Novo Banco has requested a capital injection of €1.037bn, much of which will be sourced from the Portuguese state. This shines a bad light on European banking regulators and their mandates.
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Novo Banco is requesting €1.037bn from the national resolution fund in Portugal in an effort to cover losses incurred on some of its assets. The majority of the financing is likely to come from the Portuguese state.
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China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal, despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.
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Portugal will likely examine the issuance of green bonds following the re-election in October of the country’s socialist party who are focused on sustainability, according to the head of the Portuguese debt management office.
