Parpublica parried

10 Dec 2010

Parpublica, the Portuguese state holding company, was linked this week with a return to the equity linked market after sending out an RFP for its long-awaited final deal of 2010, an exchangeable into at most 10% of EDP. The deal was given ministerial go-ahead in October but the agency was understood to have declined to issue on the unfavourable terms currently available.

Several equity specialists suggested that the issuer would be better off waiting until the new year, given investors’ overweight positions in Portugal and expectations that the country will require some form of European Union/International Monetary Fund support.

The issuer has an EDP exchangeable maturing later in December but after ...

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