Pimco in Portugal as analysts tout opportunity

Portugal Flag 230x150
By Jonathan Algar
24 Jul 2014

Pimco, after staying clear of Portuguese bank or sovereign debt for five years, was in Lisbon at the end of last week to investigate opportunities in the troubled country generated by the ongoing Banco Espirito Santo (BES) debacle. The meetings came as several sellside research analysts tipped Portuguese covered bonds as a good relative value opportunity versus periphery peers.

A team of bank analysts for the world’s largest bond investor held meetings with private and state owned banks, Portugal's sovereign debt agency and the ministry of finance during the week long road trip. Portfolio managers across asset classes — including covered bonds — are now considering feedback ...

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