Portugal Telecom even more popular on second post-crisis issue

29 Apr 2013

Portugal Telecom returned to the bond market today for the first time since October, when it made an emphatic re-entry to public institutional markets after Portugal’s May 2011 bailout – and sold if anything an even more successful deal.

The company is now rated Ba2/BB, a notch lower with Standard & Poor’s than when it raised €750m of 5.5 year money six months ago. Both outlooks are negative.

But investors are in a much more bullish mood towards Portugal than last year. The sovereign’s 10 year bond yield ...

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