Financial markets, PSI-20 performance, and investment news in Portugal.
Galp opens Lisbon's Q1 earnings season Monday after pre-disclosing refining margins doubled and oil/gas output +23%. Brent rose 63% in March to over $118; gas +64%. Eight of 16 PSI names report 4-7 May.
CTT contracted Rothschild on 24 April to study options for Banco CTT — including a possible sale. Bankinter ruled itself out on 23 April. The bank, valued at €270M end-2023, just raised €60M at 4.25%. CEO João Bento exits at month-end.
Mota-Engil's next five-year retail bond pays 4.6% gross — 10bp thinner than its last issue. Subscription runs 6-19 May with €2,500 minimum ticket. Holders of the 2021 bonds maturing December can swap paper for the new series plus a €0.19-per-bond premium.
Fidelidade is preparing a 34%–35% Euronext Lisbon placement engineered to clear the PSI's free-float rules. Lazard runs the book; timing is 2027; Bloomberg pegs 100% at ~€3.5bn. Fosun keeps 50%, CGD may double its stake to 30%.
Bank of Portugal: current-and-capital-account surplus for January-February totalled just €246 million, down €488 million year-on-year. Exports fell €743 million, outpacing a €535 million drop in imports. Services and secondary income also softer.
Millennium BCP has called a 7 May shareholder meeting to approve a €509 million cash dividend — its largest ever — and raise the buyback ceiling to 40% of profit, against fresh €53M Swiss-franc provisions in Poland.
All three main Euribor rates fell on 16 April, with the 6-month benchmark — used in 39 per cent of Portuguese variable-rate mortgages — slipping to 2.453 per cent. But Eurostat revised March eurozone inflation upward to 2.6 per cent, complicating the ECB's path.
