Portugal pounces after Greek reprieve
Portugal is this week the beneficiary of reports that Germany and the EU will stand behind Greece’s budget troubles, with the Iberian sovereign taking Eu13bn of orders for a 10 year bond. Pricing has been revised to mid-swaps plus 140bp from the initial range of 145bp-150bp. The positive spin on Greece has helped its five year bonds to trade in to 320bp over mid-swaps from 360bp yesterday and 375bp earlier in the week. Read Friday’s EuroWeek for commentary and aftermarket appraisals
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