Novo Banco feud won't go away for Portugal

By Tyler Davies
30 Nov 2017

A long-standing dispute about how the Bank of Portugal handled the senior bonds of Novo Banco in 2015 reared its head again this week, as a group of influential asset managers refused to take part in a subordinated bond issue from Banco Comercial Português (BCP). But the boycott is yet to damage Portuguese financial institutions, with banks gradually restoring their access to the capital markets, writes Tyler Davies.

BCP was 2-1/2 times subscribed for a €300m offering of 10 year non-call five tier two notes on Wednesday — its first subordinated bond issuance since the eurozone financial crisis.

The issuer did well to attract such a healthy order book given that some corners of the bond ...

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