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Attestor Capital, BlackRock, CQS and PIMCO will not be participating in Caixa Geral de Depósitos’, or CGD, €500 million Tier 2 issuance, a spokesperson for the coordinators of the Novo note group said in an emailed statement.
“We will each not be participating in this issuance. We have each independently decided that the risks associated with actively investing in Portuguese bank debt are prohibitive, as Banco de Portugal still has not addressed the unlawful and discriminatory retransfer of notes from Novo Banco to Banco Espirito Santo in 2015. Given Caixa Geral’s state ownership, it is highly reliant on the support of foreign bond investors. We are keen to resolve the situation quickly and re-establish Portugal as a credible destination for international investment,” the spokesperson said.
The coordinators of the Novo note group are a group of noteholders affected by the retransfer of Novo Banco notes in December 2015. They claim the transfer was unlawful and have been arguing against it for the past years.
CGD is planning to issue €500 million Tier 2 bonds with price whispers between 5% and 5.5%. The bank is leading a roadshow in London marketing a 10-year maturity note this week.
Recently, a group of funds including Attestor Capital, BlackRock, CQS, Pimco, River Birch Capital and York Capital
sent a request to the Portuguese Parliament for a hearing with Bank of Portugal's governor, Carlos Costa. The hearing would focus on the national regulator’s decision to
retransfer five notes series of Novo Banco to BES in December 2015.
The funds deem the hearing “essential” in clarifying the consequences of the BoP’s decision, which the Novo note group believes has “damaged” Portugal’s reputation and its ability to access capital markets. The group considers the transfer decision to have breached provisions and basic principles of Portuguese and European Union law.
