The Republic of Portugal is to print a 1bn tap of its Oct 2022 bonds and a 500m tap of its Feb 2045 bonds, according to a lead.
The order book was over 2.5bn, including 375m joint lead manager interest, for the shorter tranche and over 1.3bn, including 190m of joint lead manager interest for the longer note, the lead said.
Earlier, the sovereign set the spread at MS+242bp on the Oct 2022s and MS+324bp on the Feb 2045s, in line with guidance of +242bp area and +324bp area respectively.
It had started marketing the deal with initial price thoughts of low 240s on the shorter tranche, which has 3bn outstanding, and low-to-mid 320s on the longer tranche, which has 2.5bn outstanding.
Pricing is expected on Wednesday via Barclays, Citigroup, Credit Agricole, JP Morgan, Nomura and Novo Banco.
Portugal is rated Ba1/BB+/BB+ (all stable)
(Reuters)