BES cracks open senior market for Portugal

Banco Espirito Santo’s high-yielding three year surprised many FIG bankers with its order book of €2.7bn, but they were buoyed by the evidence that investors are willing look at that kind of name. The deal’s eye-catching 6% yield was lapped up by the market, prompting hope that the Portuguese champion had opened the market for peers Caixa Geral and Banco Comercial Português.