Portugal's downgrade to junk may stifle corporate bond sales inEurope, killing off a mini- revival in issuance spurred by investoroptimism about Greece's efforts to avoid default.
“The primary window has almost slammed shut just asspectacularly as it had flung open,” said Suki Mann, senior creditstrategist at Societe Generale SA in London.
Enel SpA, Italy's largest power operator, and Fiat SpA led 5.4billion euros ($7.7 billion) of company bond sales in Europe thisweek, the biggest round of issuance by non-financial borrowerssince May, according to data compiled by Bloomberg. Notes sold byEnel and Fiat fell in their first day of trading today, while twoissuers pulled deals.
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