Portugal
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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. -
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.
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Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.
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Caixa Geral de Depósitos was seven times subscribed for its debut non-preferred senior bond this week, when it become the first Portuguese bank to launch a deal in the format.
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.
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Investors have embraced the bonds of smaller European financial institutions this year, as they search for higher returns in an environment where interest rates are expected to remain low for a long time.
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Caixa Económica Montepio Geral was able to tighten pricing for a five year conditional passthrough covered bond, issued on Thursday, by an extraordinary 17bp from the initial level, causing rival bankers to question why it had been necessary to start with what was called a preposterously tight 2bp spread range.
