Sovereign risk manager of the year: IGCP
Portugal’s clean exit from its bailout in May was achieved on the back of smart work by the country’s debt office, which also had some tricky political issues to confront
When Portugal exited its bailout last May, it declined to take an official credit line, against the advice of many. It was a bold move for a country emerging from its deepest recession in 40 years, but was taken on the back of the country’s first debt auction in three years, signalling to the country’s government that Portugal could stand alone again.
The €750 million auction of 10–year bonds at a 3.58% yield, completed successfully in April, was the culmination of more than two years of work
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