Portugal brings in spread by just 1bp with ‘transparent’ pricing process

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By Burhan Khadbai
07 Apr 2021

Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.

The move came following a spate of sovereign syndications that had attracted large, frothy order books, which then saw some investors leave in droves when pricing was tightened. Sovereign borrowers have been grappling since with how to avoid such order book volatility.

Following the mandate announcement on Tuesday, leads ...

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