Portugal breaks size record despite tough market

Portugal Flag 230x150
By Lewis McLellan
01 Apr 2020

In spite of an equity sell-off on Wednesday morning, Portugal was warmly received when it hit the market on Wednesday, printing its largest ever single tranche deal and generating more orders than ever before. The deal should provide confidence for Ireland, which is also planning a syndication.

Portuguese OTs have been affected by the coronavirus volatility. Their spread to Bunds at 10 years had been steady within a small range around 65bp for more than three months until February. Wednesday’s seven year priced with a Bund spread of 130bp.

The borrower announced the deal on Tuesday, mandating ...

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