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PSI clock ticks for Portugal as bond markets slam shut

The Republic of Portugal’s capital markets future is on a knife-edge. A political falling out over the implementation of Portugal’s austerity package that surfaced this week could kill off the sovereign’s hopes of regaining market access before it needs to renegotiate an exit to its bail-out programme, even if its government manages to survive.

  • By Tessa Wilkie
  • 05 Jul 2013

If the worst comes to the worst, the political turmoil could herald a new deal with the Troika (the IMF, the European Union and the European Central Bank) with a full cash bail-out and either private sector involvement (PSI) or a bail-in of the country’s assets. 

Portuguese bond ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 16,575.88 26 9.55%
2 Barclays 15,585.79 20 8.98%
3 Citi 15,428.98 26 8.89%
4 HSBC 12,009.31 18 6.92%
5 BNP Paribas 11,235.58 17 6.48%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 44,086.83 120 12.24%
2 JPMorgan 30,360.62 90 8.43%
3 HSBC 30,286.67 79 8.41%
4 Bank of America Merrill Lynch 28,706.00 91 7.97%
5 Goldman Sachs 26,512.56 61 7.36%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 35,517.09 98 7.60%
2 HSBC 33,384.07 130 7.14%
3 UniCredit 32,921.16 96 7.04%
4 Barclays 32,583.23 65 6.97%
5 BNP Paribas 28,164.40 71 6.02%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 81,624.46 292 6.75%
2 JPMorgan 79,212.59 462 6.55%
3 HSBC 75,662.85 309 6.26%
4 Barclays 61,866.89 247 5.12%
5 Deutsche Bank 54,387.29 174 4.50%