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Orders top EUR10bn on Portugal's first bond deal since bailout
January 23, 2013 / 12:11 PM / 5 years ago

Orders top EUR10bn on Portugal's first bond deal since bailout

LONDON, Jan 23 (IFR) - The Republic of Portugal, rated Ba3/BB/BB+, has received over EUR10bn of orders for the tap of its 4.35% October 2017 bond, its first capital markets transaction since it was bailed out in 2011.

The spread has been fixed at mid-swaps plus 395bp, inside official guidance at 400bp area, and initial price thoughts of plus 410bp area.

Books closed for European and Asian accounts at 1200GMT, but books will remain open for American investors for a short period, said one bank managing the deal.

Barclays, Banco Espirito Santo, Deutsche Bank and Morgan Stanley will price the bond later on Wednesday.

The bond was trading at mid-swaps plus 390bp when the tap was announced on Tuesday, according to Tradeweb data, indicating that the country is offering investors a 5bp new issue premium. (Reporting By John Geddie; editing by Alex Chambers)

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