January 10, 2018 / 6:38 PM / a year ago

Fund managers buy 38 pct of Portugal bond issue

LISBON, Jan 10 (Reuters) - Fund managers and banks bought an almost equal share of Portugal’s 4 billion euro 10-year syndicated bond issue on Wednesday, with between 37 and 38 percent picked up by each, state debt agency IGCP said.

UK-based investors represented the largest buyer group of 35 percent, with French, Italian and Spanish investors combined on just over 30 percent. Over 12 percent of buyers were based in Portugal.

The bond was priced with a coupon of 2.125 percent and a re-offer yield of 2.137 percent. A year ago, a smaller syndicated issue yielded over 4.2 percent.

Portuguese yields fell sharply during 2017 following an extension of the European Central Bank’s asset purchase scheme and helped by the once bailed-out country’s improving economy and finances, which allowed it to return back to investment grade ratings after a nearly 6-year hiatus. (Reporting By Andrei Khalip)

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