Portugal
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Valuation mismatch between issuer and investors prompted the decision to cancel the IPO
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New FIG coverage chief for Spain and Portugal to build Natixis Iberia business
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The first IPO in more than three years probably won’t reignite the Portuguese market
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Both major Portuguese political parties are 'committed to continuing debt reduction', says debt management office
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Governments may feel they save money with retail issues, but an illiquidity premium looms
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Rating agency cites sharp decline in country's debt-to-GDP ratio
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Up to two visits to primary market planned each year, but senior unsecured is not on the bank's radar
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Investors are showing a hunger for ‘spready’ periphery covered bonds
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Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren
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Five IPOs from the region on top of Puig and Golden Goose expected in the first half of the year
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Chinese conglomerate retains 20% stake in Portugal’s largest listed bank
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◆ Portuguese lender lands deeply subordinated capital deal far tighter than when it first intended to call old note in November ◆ 'Super strong' market for FIG capital serves a tailwind ◆ 50bp tightening from IPTs
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Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done
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◆ Portuguese lender has authorisation to redeem its only AT1 early ◆ Atypical action suggests no replacement deal ◆ Last week's red-hot AT1 reception suggests strong demand reserved for biggest banks
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Fitch upgrades Portugal as it achieves budget surplus
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The rest of 2023 is a 'write-off' but several businesses plotting listings next year, bankers say
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Size and spread of the bank’s latest transaction should ensure a fair performance
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◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return
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- Why capital trades work in a market that 'lacks conviction' - The investors that drove Novo's new tier two last week - Some hold out for extra yield
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Investors drawn to recovery story as bank raises capital at under 10%
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Sovereigns should take advantage of positive spreads and rating moves to get funding
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Spanish bank raises €1bn of debt capital as uncertainty looms over deal from Portugal's Novo Banco
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S&P has given Ireland its highest rating from a major international rating agency for more than a decade
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The market is expecting more syndications from Austria and Portugal
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EDP Renovaveis deal had been widely anticipated deal, parent's €1bn raise a surprise
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Sovereigns build bumper order books as Portugal dares to go longer than peers
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Southern European banks to lean on covered bonds for TLTRO refinancing
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Despite a pipeline of new names, the market is not welcoming to debut deals
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Another agency has the the country on positive outlook with a rating review due next month
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Green energy companies are pulling in capital to fund projects
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Despite rising inflation and interest in the format, the EU's focus is on conventional and green debt
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Subordinated debt cushion spurs Moody's upgrade decision
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The renewable energies company plans to raise €100m in a rights issue
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Investors at risk of sizeable mark-to-market losses on sovereign bonds if bar to ECB intervention remains this high
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Higher premiums and investor-friendly terms are going to become the norm, not the exception
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Bigger concessions become an important way to mitigate volatility in swap spreads
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New issue concession diminished throughout the day amid sharp rates volatility
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Bankers expect sovereigns to take advantage of run of good news
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Investors show caution over bond issues from lower rated banks as deals postponed
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Small issuers from Cyprus and Portugal are looking to print their first preferred senior bonds
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Portuguese firm the latest to pair its MREL rollout with an ESG theme
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NPE reduction and MREL build out driving upgrades
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Portuguese bank set to sell its first investment grade rated deal since its July upgrade
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Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).
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The renaissance of renewable energy companies in the equity capital markets grew on Monday with the IPO of GreenVolt, the Portuguese biomass energy company, which is set to wrap up its listing on the Lisbon stock exchange.
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Citi has named the leadership for its banking, capital markets and advisory business in Iberia. Meanwhile, it has also announced who is taking on Abraham Douek's responsibilities in DCM after he quit to join Santander.
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Greenvolt, the Portuguese biomass energy operator, is preparing to go public on the Lisbon stockmarket, having announced its intention to float this week.
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Spain and Portugal are reducing the sizes of their funding programmes for this year, the countries’ respective heads of debt management operations said during appearances on a panel at the Global Borrowers and Bond Investors Forum 2021 on Tuesday.