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Portuguese Bonds in Biggest Post-Crisis Rally After S&P Upgrade

Portuguese bonds staged their biggest rally in more than seven years on Monday after the country won back its investment-grade credit rating, marking one of the most significant milestones in the currency union’s return to fiscal health, the Financial ...

Daily Headline - global.abi.org - 09/19/2017 - 00:20 - 0 comments

Portuguese GDP Growth Slows to 0.2% In Second Quarter

domestic product expanded 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a forecast of 0.6 per cent. It means year on year growth held steady at 2.8 per ... 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a ...

Daily Headline - global.abi.org - 08/14/2017 - 20:41 - 0 comments

Novo Banco Launches Debt Swap to Secure Lone Star Takeover

Novo Banco SA, the Portuguese lender created from the collapse of Banco Espírito Santo SA three years ago, has launched a plan to raise €500 million ($582 million) from a bond exchange—a condition of its takeover by U.S. private-equity firm Lone Star Fun ...

Daily Headline - global.abi.org - 07/25/2017 - 22:12 - 0 comments

The New Age of Debt… and the common function of insolvency and restructuring law

Years of economic stagnation and the costs of the financial sector bailouts in Europe, but also excessive growth in China and other developing countries, account for a continued increase in global debt. According to a 2015 study by the McKinsey Global In ...

Resource Article - twallace@abiwor... - 06/30/2017 - 10:40 - 0 comments - 1 attachment

Portugal’s Economic Revival Brings ‘Crisis of Good News’

António Costa may soon discover that success brings its own problems. Portugal’s proudly anti-austerity prime minister is ebullient after returning the former bailout country to fiscal health and presiding over a robust economic recovery, the Financial ...

Daily Headline - global.abi.org - 06/05/2017 - 20:46 - 0 comments

EU Underlines Portugal’s Recovery From Debt Crisis

Portugal’s recovery from the eurozone’s debt crisis reached a milestone on Monday as the EU said the country, which needed an international bailout, was no longer in breach of the bloc’s budget rules, the Financial Times reported. Brussels’ verdict u ...

Daily Headline - global.abi.org - 05/23/2017 - 00:01 - 0 comments

Why Portugal Has Confounded the Bond Sceptics

Portuguese bond yields fell to a five-month low last week amid a broader European relief rally after Emmanuel Macron’s first-round victory in voting for France’s next president. Philip Brown, head of sovereign debt origination at Citi, points out that Po ...

Daily Headline - global.abi.org - 05/04/2017 - 22:04 - 0 comments

London Finance Firm Seeks to Block Portugal Novo Banco Sale

A failed bidder for Portugal's third-largest lender Novo Banco has asked its lawyers to block the 1 billion euro (836.70 billion pounds) sale to U.S. fund Lone Star and told the central bank it should relaunch the bidding. London-based financial fir ...

Daily Headline - global.abi.org - 04/20/2017 - 21:40 - 0 comments

Portugal’s Novo Banco Trims Losses Despite Provisions of €1.3 Billion

Portugal’s Novo Banco, the “good” bank rescued from the collapse of Banco Espírito Santo, posted a net loss of €788.3m in 2016 after making provisions against impairments totalling €1.3bn, the lender said in a stock-market statement on Wednesday. The res ...

Daily Headline - global.abi.org - 04/12/2017 - 21:47 - 0 comments

Portuguese Bank Bond Defies Pimco and BlackRock Boycott

A Portuguese bank has borrowed on the international debt market for the first time in more than a year, defying a boycott from BlackRock and Pimco, which are locked in a legal fight with the country’s authorities over losses incurred in 2015, the Finan ...

Daily Headline - global.abi.org - 03/23/2017 - 22:42 - 0 comments

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