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Novo lands senior debut despite controversial past

Novo Alamy 575x375 15Jul21
By Frank Jackman, Tyler Davies
15 Jul 2021

Novo Banco found just enough demand to print its first preferred senior bond this week, setting the issuer off on a journey towards its minimum requirements for own funds and eligible liabilities (MREL) targets. Market participants drew attention to the Portuguese bank’s controversial past, including imposing unexpected losses on a group of senior bondholders.

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By Frank Jackman, Tyler Davies
15 Jul 2021