Hedge funds weigh in on Portugal | Capital City | IFRe


 

US hedge funds took a hefty punt on Portugal on Wednesday, buying nearly a quarter of the beleaguered eurozone sovereign’s first debt sale since it was bailed out in 2011.

Portugal, Ba3/BB/BB+, priced the €2.5bn tap of its 4.35% October 2017 after a tedious allocation process on a deal that was around five times subscribed.

Despite the €12bn of interest, some selling was reported by market sources on Thursday morning, with hedge funds singled out as responsible, having been allocated 24% of bonds.

Hedge funds weigh in on Portugal | Capital City | IFRe

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