Peripherals pounce on euro demand

Peripheral and central European sovereigns have priced Eu5bn of mid and long-dated debt this week with Portugal’s Eu3bn 15 year deal leading the way. The Czech Republic meanwhile printed Eu2bn in 10 years in its first deal since 2005, and Hungary is set to follow in the same maturity later today via BNP Paribas, Citi and ING. Portugal took the long option for its latest syndicated OT bringing a Eu3bn 15 year, which was priced at mid-swaps plus 5bp against guidance of plus 3bp to plus 6bp. Read EuroWeek on Friday for all the reaction to the latest burst of activity.