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Portugal becomes first sovereign Eurozone Panda issuer


Portugal's CNY2bn 3-year Panda bond has been recognised as a TopDeal. TopDeals are those which stand out as exceptional in the marketplace. This can be through, among others, a unique structure, market first, or outstanding execution.

TopDeal Reasoning

This trade has earned the TopDeal accolade as the first Eurozone sovereign to borrow in Panda bond format. They are also only the third EU country to access the onshore market in China, following Poland and Hungary.

The deal went down well with Chinese investors, with demand 3.165x higher than supply. This enabled pricing to be revised down from 4.35% to 4.09%.

In a statement, the Portuguese Debt Management Agency (IGCP) said "With this successful transaction, Portugal has accessed the third largest bond market in the world to further diversify its investor base."

We congratulate Portugal, HSBC, Bank of China and their teams on this win.

Learn more about TopDeals and how to apply at the following link.

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