Portugal on Thursday concluded the first sovereign debt sale on China’s bond market by a eurozone country, selling Rmb2bn in three-year paper at a yield of 4.09 per cent in an offer that attracted strong demand.
“With this successful transaction, Portugal has accessed the third largest bond market in the world to further diversify its investor base,” the IGCP, Portugal’s public debt agency, said in a statement. The offer was targeted mainly at Chinese institutional investors.
It was the first issue of so-called Panda bonds by a eurozone sovereign and only the third by an EU country after Poland and Hungary issued renminbi-denominated debt in 2016 and 2018 respectively.
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