Nos asks for 300 million in debt. It is offering less than 1.4%

This Monday, Nos went to the market to issue 300 million euros in five-year debt securities. According to the Portuguese newspaper Jornal de Negócios, quoting Bloomberg, initial talks point to an interest rate below 1.4%.

According to the news agency, the initial pricing talks (IPT) took off at 95 basis points above the five-year mid swap rate, which points to a 1.38% interest. However, this is not yet the final amount of the operation, since it will vary according to investors’ demand. Nos is issuing securities that will mature on May 2, 2023, so the maturity is slightly more than five years.

This issuance takes place only a few days after the phone operator headed by Miguel Almeida hired five investment banks — Caixabank/BPI, CaixaBI, ING, Santander and SG CIB — to hold a roadshow aiming to find investors in Europe that were interested in taking part of that issuance, in meetings that began on April 16.

The operation also takes place after Nos received an investment grade from Standard&Poor’s and Fitch. S&P gave a BBB- grade to Nos’ debt, while Fitch assessed the company’s debt as BBB.