Portugal attracted strong domestic interest on Thursday when it became the first issuer from the eurozone to enter the Panda bond market. Other borrowers from the eurozone are set to follow in its path, including Austria, as issuers look to broaden their investor base and develop the Panda market.
“The deal went very well as it was more than three times oversubscribed," said Cristina Casalinho, chair and chief executive of Portugal’s Treasury and Debt Management Agency. The deal was priced at 4.09%, going through three updates from an initial price range of 3.9%-4.5%.
Book building began on Thursday morning