Portugal May Be Frozen Out in Issuance ‘Avalanche’: Euro Credit
This article is for subscribers only.
Portugal risks being frozen out of the bond markets next year amid a wave of auctions from higher-rated governments and agencies that threaten to force the nation into seeking a bailout to pay its debts.
“It has become the market consensus that Portugal’s ability to fund on a standalone basis is fairly constrained,” said Jamie Stuttard, head of European and U.K. fixed income at London-based Schroders Plc, which has $286 billion under management. “People have investment alternatives.”