Banco Comercial Português is preparing to issue its first benchmark covered bond since 2009, having today (Wednesday) announced a European roadshow. The announcement comes shortly after Banco Santander Totta reopened the Portuguese market with the first deal since 2015.

Banco Comercial Português announced this afternoon that it has mandated Mediobanca, Millennium BCP, Natixis, NatWest Markets, Société Générale and UniCredit to arrange a European roadshow ahead of a potential euro benchmark obrigações hipotecárias issue.

The roadshow will commence next Tuesday and run until Friday (19 May), visiting France and Germany.

The Portuguese issuer’s last benchmark was a Eu1bn seven year in 2009.

On 20 April, Banco Santander Totta issued the first Portuguese benchmark covered bond in 18 months, a Eu1bn seven year benchmark obrigações hipotecárias that attracted over Eu1.25bn of orders and was priced at 62bp over mid-swaps.

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