Update from “junk” status attracted French and Asian investors, says head of IGCP
The president of the IGCP, Cristina Casalinho, has explained that the Portuguese debt's investment levels have increased significantly due to the update in the ratings.
The country’s rating improvement to investment level has spiked interest on the Portuguese sovereign debt, attracting as well a new set of investors. Cristina Casalinho, head of the IGCP, told Jornal de Negócios, a Portuguese newspaper, that one of the highlights goes to the recovery of French and Asian investors.
“As all major rating agencies improved the country’s classification to investment level last year, demand for Portuguese debt increased”, says Casalinho, head of the Portuguese treasury and debt management agency, the IGCP.
IGCP’s president added that the increase of the rating to “investment level” has allowed for “new investor to come forward, namely those from management funds which follow the global bond index, which did not include Portugal up until now”, and for “the investors which had already been purchasing Portuguese debt, to be able to improve their positioning in the market”.
She also noted that there were significant recoveries of French and Asian investors. Casalinho’s announcement was published the day Moody’s was expected to review the Portuguese rating.
