Markets, Business & Tech Briefing: PSI Edges +0.24% to 9,072 on EDPR/NOS/JMT-Led Green Tape, IGCP €1.426Bn Auction Clears 12-Year-High 10-Year at 3.452%, Mota-Engil 4.60% Sustainability Bond Hits 14 May Cap-Raise Window

PSI Edges +0.24% to 9,072 on a Two-Way Tape, EDPR Reverses Tuesday's AT-Dispute Slide, IGCP €1.426Bn Auction Clears the 10-Year at a 12-Year-High 3.452% on 2.11x Cover

The PSI closed Wednesday 13 May 2026 at 9,072.35 points, up 22.17 points or 0.24% on the session, the index unwinding roughly one-fifth of Tuesday's 115.58-point red-tape drawdown and pulling the cumulative slide off the 30 April 9,344.96 high back to 2.92%. The intraday tape ran a clean two-way print: the morning open at 9,092.29 faded into a session low of 9,005.83 on the lunch-time book, the 9,000 floor that bank desks have been carrying as the next discrete downside test holding for the third consecutive session, before the afternoon bid pushed the index back through Tuesday's 9,050.18 settlement and printed an intraday high of 9,111.76 in the back half of the European session. The corporate-flow tape closed mixed across the fifteen PSI constituents but with the gainer tally winning the count narrowly: EDP Renováveis the standout up 1.00% at €14.18 on a relief print off Tuesday's 4.29% AT-dispute sympathy slide; NOS up 0.95% to €5.32 on the post-Q1 reread; Jerónimo Martins recovering 0.94% to €18.21 on a clean Mercadona-share-loss reversal; Mota-Engil adding 0.85% to €4.77 into Thursday's bond cap-raise deadline; Semapa up 0.66% to €23.00 after Tuesday's 4.19% sympathy print with Navigator; Sonae SGPS up 0.63% to €1.90 into Thursday's pre-market Q1 release; Altri up 0.61% to €4.98 into Friday's Q1 print and the €0.25-per-share dividend ex-day on 26 May; and BCP flat-with-bias at €0.92 on the bank-beta hold against the hawkish-ECB tail-wind. The loser tape ran shallow on the day: CTT down 1.09% at €6.34 on a post-DHL-deal give-back; Ibersol down 0.68%; Galp Energia down 0.54% to €19.31 on a mild Brent take-profit after Tuesday's 1.68% rebound print; REN down 0.41%; and Corticeira Amorim down 0.28% to €7.04. The IGCP €1.426 billion OT auction at 10:30 ran the discrete event-risk overlay of the session: the agency placed €702 million on the 4-year October 2030 line at an average yield of 2.834% against a bid-to-cover of 2.04x, and €724 million on the 10-year June 2036 tap at 3.452% against a cover of 2.11x — the latter the highest 10-year auction-clearing yield on a Portuguese OT placement since 2014, and a clean 40-basis-point repricing above the 3.05% clearing yield on the same June 2036 line at the April syndication. The auction prints a clean bid against the post-hawkish-ECB-and-Fed tape that has run rates higher in every session this week, the cumulative 91%-pre-funded position on the 2026 IGCP issuance plan giving the agency the room to step back from the tight-clearing windows that anchored the front end of the year.

EDPR Reverses 1.00% Off Tuesday's 4.29% AT-Dispute Slide, NOS Adds 0.95% on Post-Q1 Reread Into Thursday's AGM, Jerónimo Martins Recovers 0.94% After Mercadona Share-Loss Sympathy

The single-name corporate-flow standout of the Wednesday tape is EDP Renováveis up 1.00% at €14.18 — the renewables subsidiary booking a clean relief print after Tuesday's 4.29% sympathy slide on the parent EDP — Energias de Portugal's Monday €335 million Imposto-do-Selo and IRC reassessment from the Autoridade Tributária on the 2020 Douro hydroelectric portfolio sale to the Engie-led consortium. The recovery print runs against a still-discrete event-risk overlay on the EDPR equity: the 74.98% parent stake means any multi-year arbitration timeline at the consolidated-group level continues to flow through into the renewables subsidiary's risk pricing, and the Q1 1.62-billion-euro net-debt expansion remains the concrete number consensus needs to size into the second half. NOS adds 0.95% to €5.32 on the second-day reread of the Q1 2026 print released Tuesday morning — the telecom-and-media group booked net profit up 4.7% to €62 million, EBITDA up 3.1% to €203.3 million on revenue of €460.2 million, with the cinema, IT and enterprise lines carrying the tape through a soft-consumer storm-quarter that had the consensus marked down on the residential-bundle side ahead of the print. The equity walks into Thursday morning's AGM with the post-results consensus on the FY 2026 EBITDA bridge holding the €810 million guide intact and the dividend-policy reaffirmation as the most-watched-stage input from the meeting. Jerónimo Martins recovers 0.94% at €18.21 on a clean reversal of Tuesday's 2.54% Mercadona-Q1-share-loss sympathy slide — the Centromarca household-spending series booked Pingo Doce and Lidl as the explicit Q1 beneficiaries of the Spanish chain's share-of-wallet rotation in the Portuguese market, but the multi-quarter consensus input that anchors the equity through the back half remains the Polish Biedronka margin trajectory against the Polish wage-and-inflation tape. Read-through to the broader consumer-services tape: Sonae SGPS climbs 0.63% to €1.90 on a Thursday pre-market Q1 set-up and the carry-forward of the +45% international-sales print at the 2025 FY tape that booked foreign revenue above 20% of the consolidated group for the first time and the 1,070-store international-network expansion across the 2025 calendar.

IGCP Clears €1.426Bn at 12-Year-High 10-Year Yield of 3.452% — 91% Pre-Funded Position Lets the Agency Take the Hawkish-ECB-and-Fed Repricing on the Front Foot

The discrete primary-market event of the Wednesday session is the IGCP €1.426 billion OT auction at 10:30 across two tranches: €702 million placed on the 4-year October 2030 line at an average yield of 2.834% against a bid-to-cover of 2.04x; and €724 million on the 10-year June 2036 tap at 3.452% against a bid-to-cover of 2.11x. The 10-year clearing yield prints the highest Portuguese OT auction yield on the 10-year tenor in twelve years — the post-2014 sovereign-debt-crisis recovery has run the line from low-single-digit clearing yields into the 3.452% handle on the back of the hawkish-ECB-and-Fed-pivot repricing that has anchored the rates tape across the second quarter. The cover ratios printed Wednesday run below the 2.46x aggregate cover at the 8 April auction across a similar perimeter, but stay comfortably above the 2x floor that the desk consensus carries as the cleanest-bid signal; and the 3.452% 10-year clearing yield prints a 40-basis-point repricing above the 3.05% clearing yield on the same June 2036 line at the April syndication. The structural read on the Wednesday clearing-yield print runs across two discrete inputs: the 91% pre-funded position on the IGCP's 2026 issuance plan, which gives the agency the room to step back from the tight-clearing windows that anchored the front end of the year and lets the auction calendar take the repricing on the front foot; and the post-S&P A-flat-with-positive-outlook credit-rating action that holds the Portugal-Bund spread at roughly 39 basis points against Tuesday's 40 basis points. Read-through to the cross-market tape: the Portugal 10-year settled at 3.46% in the secondary market, marginally below the auction clearing yield and down 1.8 basis points on Tuesday's 3.477% close on the inverse-of-supply technicals after the auction cleared.

Mota-Engil €50 Million Sustainability-Linked Bond Hits 14 May Cap-Raise Window — 4.60% Coupon, Banco Finantia Placement, Retail Swap From the Maturing 4.15% Green 2021-2026 Line

The discrete primary-market corporate-flow event of the next 24 hours is the Mota-Engil €50 million sustainability-linked bond — the Obrigações Mota-Engil 2026-2031 issue — closing its increase-amount window on Thursday 14 May. The construction-and-concessions group is placing a five-year fixed-coupon bond at 4.60%, with retail-investor denominations of €250 and a minimum subscription ticket of €2,500; the subscription window runs 6-19 May, settlement is locked for 22 May, and the issue is placed by Banco Finantia with the ABANCA, BPI, Caixa Geral de Depósitos and Millennium BCP branch network running the distribution. The bond opens a retail-investor swap from the maturing Obrigações Mota-Engil 2021-2026 green line — the 4.15% coupon issue that prints its final maturity on 22 May — at an exchange premium of €0.19 plus accrued interest, taking the realised swap value to roughly €5.02 per €250 bond. The net proceeds estimated at €48.36 million walk into a sustainability-linked-bond framework with a KPI-and-step-up structure tied to the group's Scope 1 and Scope 2 greenhouse-gas-emission reduction targets through 2030, the documentation aligning with the ICMA Sustainability-Linked Bond Principles on the back of the post-2021-green-bond-issue track record. The Thursday cap-raise deadline is the live consensus-input on the Mota-Engil equity through the back half of the week — Wednesday's 0.85% rally to €4.77 already prints the bond-subscription read-through, and the post-deadline placement-success print on Friday morning is the next datapoint on the family-controlled group's refinancing-cycle tape.

Vista Alegre Atlantis Delisting AGM Locked for 29 May at €1.07 Per Share — Visabeira's 84.76% Block Walks the 5.24% Free Float Through the Cash-Out Clock, Cristiano Ronaldo CR7 Vehicle Holds 10% Cash-Out Stake

The second discrete corporate-flow timeline that the Wednesday tape walks toward is the Vista Alegre Atlantis delisting tender — the porcelain-and-tableware group's Annual General Meeting on Thursday 29 May 2026 votes the voluntary exclusion from Euronext Lisbon at a cash-out price of €1.07 per share. The cash-out price was set at the higher of the maximum paid by NCFTradetur (the Visabeira-controlled vehicle holding the 84.76% stake) across the prior six months and the weighted-average traded price as of 6 May, which printed at €1.0619. The transaction structure requires 90% of voting rights at the AGM, against a free float of 5.24%; the most-watched single block inside that minority structure is the 10% stake held by the CR7 investment vehicle — Cristiano Ronaldo's 2024 off-market acquisition — which now walks through the cash-out clock at the same €1.07 per share price as the rest of the minority float. The proposal was announced on 7 May 2026 and remains live through to the 29 May AGM, with the post-vote-success print then triggering the customary squeeze-out procedure on any residual non-tendering minority block under Article 196 of the Código dos Valores Mobiliários. Read-through to the broader Euronext Lisbon small-cap tape: the Vista Alegre cash-out walks one of the three thinly-traded small-caps off the cotada universe inside the second quarter, against the Inapa insolvency timeline that the 30 April filing booked and the Sonae Capital rotation tape that the holding-company has been working through the post-2025 capital-structure simplification.

Cross-Market Into Thursday's Open: Portugal 10-Year at 3.46%, EUR/USD Pulls Back to 1.1715, Euribor 3M Climbs to 2.252% on the Highest Print Since April 2025

The cross-market tape closed Wednesday on a continued-tightening posture into Thursday's open. The Portugal 10-year OT yield settled at 3.46% in the secondary market, marginally below the IGCP auction clearing yield of 3.452% and down 1.8 basis points on Tuesday's 3.477% close — the inverse-of-supply technicals pulling the secondary print marginally below the primary clearing once the auction book cleared. The Bund 10-year held at 3.10%, keeping the Portugal-Bund spread at roughly 39 basis points against Tuesday's 40 basis points — the spread sits inside the tight end of the year-to-date range and reflects the consensus pricing of the post-S&P A-flat-with-positive-outlook credit-rating tape, the IGCP's 91% pre-funded position on the 2026 issuance plan, and the EU NGEU joint-issuance backdrop. The EUR/USD closed at 1.1715 on the ECB reference fix, down 0.20% from Tuesday's 1.1738 print as the dollar bid into the hawkish-Fed repricing extends a second-consecutive-session pull-back from Monday's three-week high above 1.175; the cumulative push over the prior month sits at roughly 0.05% against the 1.1721 11-April print. The Euribor 3-month fixing climbed to 2.252% on Wednesday, the highest print since April 2025 and a clean step-up from the 2.200% baseline that the 4 May monthly snapshot booked; the 6-month sits at 2.485% and the 12-month at 2.798%, the curve continuing to price the next ECB meeting on a hawkish bias with the implied June 2026 rate-hike probability holding above 75% on the deposit-facility floor at 2.15%. The Euribor step-up pushes mild upward pressure on the Portuguese variable-rate mortgage book — the Banco de Portugal's March credit-and-deposits print had booked the first €4 billion-plus household-lending number in the BdP series since 2007, and the April release lands on the BdP's calendar mid-day Thursday 14 May. Brent crude July futures traded around the $107 a barrel handle into the European close on continued Iran-tension geopolitical-risk premium, the curve giving back slightly on the day against Tuesday's $102.18 July-contract print.

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Outlook: Thursday 14 May Heavy on Mota-Engil Bond Deadline, Sonae Q1, NOS AGM and BdP April Credit — Friday 16 May Rounds the Cellulose-Cluster Q1 Print With Altri, Navigator and Semapa Back-to-Back

Outlook: Thursday 14 May 2026 opens against a heavy calendar across the corporate-flow and macro tapes. The Mota-Engil €50 million sustainability-linked bond closes its increase-amount cap-raise window at the 4.60% fixed coupon placement; the INE Q1 labour-cost index drops at 10:00 on the back of the Q4 2025 annualised print at 5.4% growth in compensation per worker; the NOS AGM runs at the same opening hour with the dividend-policy reaffirmation and the FY 2026 EBITDA guide as the most-watched-stage inputs; the Sonae SGPS Q1 2026 print lands pre-market against the +45% international-sales print at the 2025 FY tape and the 1,070-store international-network expansion; and the Banco de Portugal April credit-and-deposits release lands mid-day, the most-watched-domestic print after the March release that booked €4.057 billion in household lending — the first print above €4 billion in the BdP series since 2007. Friday 16 May rounds the corporate-flow cluster of the week with Altri, Navigator Company and Semapa Q1 prints back-to-back at the open — the cellulose-and-paper-segment cluster that the BCSD CEO Council has flagged as the most-watched margin-compression test across the H1 calendar against the BHKP-pulp-price softness that ran the Hawkins Wright reference index roughly 11% lower across the quarter. The Brussels Spring 2026 Economic Forecast for Portugal drops on Wednesday 21 May as the next material macro datapoint after the S&P A-flat-with-positive-outlook rating action and the IMF Article IV mission concluded earlier in the month; the Vista Alegre Atlantis delisting AGM walks the 5.24% free float through the cash-out clock on Thursday 29 May at €1.07 per share; and the Altri ordinary €0.25 per share dividend ex-day prints on Tuesday 26 May with payment 28 May. The labour-and-political-economy overlay continues to anchor the medium-term consumer-and-services equity beta into the third quarter on the back of the Trabalho XXI labour package walking into the Assembleia da República unsigned by the social partners and the CGTP 3 June general strike locked into the same window.