Portuguese corporate risk returned to the international bond market last Friday (September 14), as Energias de Portugal sold the first substantial, international corporate issue from the country since January 2011.
Investors welcomed EDP with open arms. Its benchmark five year bond, rated Ba1/BB+/BBB-, all with negative outlooks, attracted a book of 7.5bn from 483 accounts, enabling the lead managers to size it at 750m.
Sentiment towards Portugal has improved strongly in the past six months. The countrys October 2017