Portugal
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Banco Comercial Portugues made a rare foray into the senior market on Friday, enticing investors with a bit of extra yield on its speculative grade transaction. -
Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
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Banco Commercial Portugues is planning to build out its debt stack with a preferred senior note, which should have value for the minimum requirements for own funds and eligible liabilities (MREL).
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Portugal was awash with demand as it came to the market on Wednesday for a new 30 year euro benchmark, following well-received syndicated deals from Belgium and Finland on Tuesday.
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Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.
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A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.
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The Finnish financial sector wants to put the brakes on new measures aimed at completing the Banking Union, arguing that EU member states should move back into a clearly defined process of risk reduction.
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Energias de Portugal, Portugal’s largest utility, closed its cash call in Lisbon on Friday with 93.8% of shareholders taking up their rights. However, the company attracted demand worth 256% of the €1bn offering. Market watchers hope the result augurs well for Spanish telecoms operator Cellnex's rights issue on Thursday.
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Portugal is unlikely to suffer a downgrade to its credit rating by Moody’s when it publishes its latest review of the sovereign later on Friday, according to analysts.
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Energias de Portugal (EDP), Portugal’s largest utility company, is raising €1bn through a rights issue to acquire Spain’s Viesgo. Bankers expect it to be the first of a number of acquisition-related cash calls to be launched in Europe.
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Fitch has downgraded its covered bond ratings for Banco Montepio amid a deterioration in the outlook for residential mortgage loans in Portugal, exacerbated by the impact of the coronavirus pandemic.
