Portugal issues more debt with negative interests
Portugal raised 1,750 million euros in the first 2017 Treasury bills auction. Rates have decreased, placing the issuance with a 12-months maturity, once again, at negative interests.
“The 2016 deficit will not be over 2.3%”, says PM
The Portuguese prime minister commended once again the path taken by the ministry of Finance in 2016. António Costa assured this Tuesday in Parliament that the deficit will not be over 2.3%.
The President gives green light to TSU decrease
The President of the Portuguese Republic gave a green light to the decree law which decreases contributions from companies who bear the minimum wage increase.
CMVM registers CaixaBank’s takeover bid on BPI
The Portuguese Securities Market Commission (CMVM) has registered last evening CaixaBank’s takeover bid on BPI’s share capital, at 1.134 euros per share.
ECB: CGD’s team should be approved within days
Caixa Geral de Depósitos (CGD) is still running on day-to-day management, without a CEO; however, the ECB should approve Paulo Macedo and his executive team this week.
NB: Apollo doesn’t have a binding offer yet
The negotiation continues this week, but the Apollo/Centerbridge consortium is still evaluating Novo Banco and, therefore, doesn’t have a binding offer yet. Lone Star is still the only runner.
SB and Social Security will finance TSU decrease
Only in 2018 will the decrease in the Single Social Tax (TSU) be fully financed by the State Budget (SB). In 2017, the financing will be assured equally by the SB and Social Security.
Businessmen and former ministers’ opinions on NB
Forced by the circumstances, the corporate world believes nationalization is the best option; as for former ministers, there is little consensus.
BCP may use the 2018 profits to pay dividends
The prospectus for BCP’s capital increase was approved this Thursday by CMVM. The bank will accelerate the return to normalization and intends to start repaying dividends based on the 2018 accounts.
Banco CTT foresees a capital increase in 2017
This will be the third capital increase since the bank’s was launched last year. According to Jornal de Negócios, the capital increase should happen during the first semester of 2017.
ComparaJá closes 20 million euros funding round
The Series A Investment Round will accelerate the comparison of insurances, which should be released in the first semester of 2017. New markets may start being planned.
Portugal hires banks to issue ten-year bonds
Portugal has instructed several banks to issue their first ten-year bonds of 2017. The Portuguese Treasury hopes to raise 3,000 million euros through banking syndicate.
Mário Centeno: NB’s settlement is inconceivable
Mário Centeno is focused on selling Novo Banco, but that doesn’t keep him from considering nationalization, since the ministry cannot be held “hostage of solutions”. Settlement is out of the question.
Bookstore Lello celebrates its 111 birthday
The Portuguese bookstore that inspired many writers and artists – such as J. K. Rowling’s “Harry Potter” – celebrates its 111th birthday this Friday.
BCP approves 1,300 million euros’ capital increase
The Portuguese bank BCP Board of Directors approved this Monday the cooptation of two new administrators and the increase of 1.3 billion euros in the bank’s capital.
Mário Soares has died at 92
Mário Soares has passed away in Lisbon, aged 92.
Lone Star recognizes NB’s “untapped potential”
The Lone Star fund states they will “continue to work tirelessly” with the Bank of Portugal in order to arrange a final agreement for acquiring Novo Banco.
BPI sells its control of BFA in Angola
Unitel, a company headed by Isabel dos Santos, signed this Tuesday the acquisition agreement of 2% of BFA to BPI; Mário Silva will replace Fernando Ulrich as the bank’s chairman.
“There is no magic threshold in yields” for DBRS
The Portuguese interests’ peak does not worry the Canadian agency. Over 4%? “There is no magic threshold in yields… we analyze hundreds of variables”, DBRS told ECO.
Portuguese debt interests surpass 4%
After suffering an increase of over 10 points, the ten-year Portuguese bond rate surpasses the 4% limit, which hadn’t happened since February 2016.
CGD’s recapitalization: phase one is “concluded”
The first stage of CGD’s recapitalization, contemplating 1,445 million euros, has been concluded. In a second phase, there will be over 2.7 billion euros and another billion euros’ in high risk debt.
Lone Star is the best-placed bidder for Novo Banco
It’s confirmed: the North-American fund is the “best-placed” offer for the acquisition of Novo Banco. The two other proposals will still be improved, says the Bank of Portugal.
CGD should have a new administration next week
During the interview to the Portuguese newspaper DN and radio station TSF, Mário Centeno does not state if CGD’s recapitalization will have an impact on the deficit, for which he claims credit.
“Novo Banco will not have State guarantees”
This is a statement made by the Portuguese minister of Finance Mário Centeno, in an interview to Portuguese newspaper DN and radio station TSF, casting doubts about Novo Banco’s acquisition process.