January 23, 2013 / 9:06 AM / in 5 years

Portugal starts marketing tap of 5-year bond after long absence

LONDON, Jan 23 (IFR) - The Republic of Portugal, rated Ba3/BB/BB+, is marketing a tap of its new 4.35% October 2017 bond to investors at mid-swaps plus 410bp area, marking the start of its first bond deal since it was bailed out in 2011.

Market sources said the deal will price later on Wednesday via Barclays, Banco Espirito Santo, Deutsche Bank and Morgan Stanley.

Portugal’s October 2017 bonds were trading at mid-swaps plus 390bp when it announced the tap on Tuesday, according to Tradeweb data, indicating that the country is offering investors a 20bp premium to purchase the new supply. (Reporting By John Geddie, editing Anil Mayre)

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