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Portugal BES to pay spread over 60 pts on EUR1bn bond issue

Posted on: Tue, 10 Nov 2009 17:11:00 EST

Symbols: BAC

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Nov 09, 2009 (M2 PRESSWIRE via COMTEX) --
BAC | Quote | Chart | News | PowerRating -- 10 November 2009 - Portuguese bank Banco Espirito Santo (ELI:BES) may
pay a spread of 60-62 basis points over the mid-swap on its EUR1bn (USD
1.5bn) mortgage-backed bond issue, according to Bloomberg which quoted
an insider.

Yesterday, the news agency reported that BES has hired Bank of America
(NYSE:BAC)/Merrill Lynch, Calyon, part of French lender Credit Agricole
(EPA:ACA), BES Investimento, British HSBC (LON:HSBA) and German LBBW to
manage the issue of mortgage-backed bonds with a maturity of five years.

Today the five-year mid-swap rate stood at 2.788%.

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