Castile and León mandates as Portugal offers to buy back debt

Castile and León is set to become the first Spanish issuer to take advantage of an upgrade for the Spanish sovereign, after mandating banks for its first syndication in two years. Across the border, Portugal — which analysts view as a major beneficiary of Spain’s upgrade — is set to buy back debt later this week in a move that could help it make for a clean break from its Troika bailout package.