Montepio Bank mulls €300M securities issue

Portugal’s mutualist bank Banco Montepio has hired financial institutions to set up meetings with institutional investors to sound out a possible €300 million bond issue.

The banks are Crédit Agricole, JP Morgan, Santander and NatWest. The issue would be for senior non-preferential bonds according to Bloomberg. The meetings start today (Monday, October 16).
Banco Montepio has a B1 rating from Moody’s, B+ from Fitch and B (high) from DBRS. The bank posted profits of €67.8 million for H1 2023, an increase of 191.1% on the €23.3 million like-for-like.
However, the sale of its share in the Angolan bank Finibanco had a negative impact of €116.1 million that left the bank with losses of €48.3 million.