Portugal hits spot to win size
Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.
At final pricing of 352bp over mid-swaps, the deal offered a new issue premium of 6bp-7bp, said a head of SSA syndicate at one of Portugal’s leads, which were BBVA, HSBC, JP Morgan, Morgan Stanley, Novo Banco and Société Générale.
“As comparables we only
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