Portugal begins marketing tap of Oct 2022 and Feb 2045 bonds

LONDON: The Republic of Portugal has started marketing a dual-tranche reopening of its 2.2% Oct 2022 and 4.1% Feb 2045 bonds, according to a lead.

The sovereign has set initial price thoughts of low 240s over mid-swaps on the shorter tranche, which has 3bn outstanding, and low-to-mid 320s over mid-swaps on the longer tranche, which has 2.5bn outstanding.

The issuer is taking indications of interest and pricing is expected on Wednesday via Barclays, Citigroup, Credit Agricole, JP Morgan, Nomura and Novo Banco.

Portugal is rated Ba1/BB+/BB+ (all stable).