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/PORTUGAL: Portugal today sold....>

EUROZONE ISSUANCE: /PORTUGAL: Portugal today sold an inaugural 3-Yr Jun-22 Panda
(CNY-denominated) bond for CNY2bln (equivalent of E0.26bln), with price of
- Deal 3.165x oversubscribed, according to IGCP, allowing marginal rate revised
tighter three times from 4.35% to 4.09%, 74bps over the equivalent China
Development Bank curve.
- Portugal registered CNY5bln issuance quota, allowing access to the onshore
interbank bond market thereafter
- Joint Lead Underwriters: Bank of China, HSBC
- International Ratings: Baa3 Stab (Moody's) / BBB Stab (S&P) / BBB Pos (Fitch)
Local - Issuer Rating: AAA by China Lianhe Credit Rating Co.

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