Benfica's debt was the least competitive of all time

Benfica has reached the goal of financing 45 million euros. But the interest in SAD's embodied debt has already been much lower. In the operation this month, Benfica attracted 3,256 investors. This was the lowest figure since the SAD headed by Luís Filipe Vieira revealed the number of participants in this type of operations (in the 2004 offer, this value did not increase). not disclosed). In the presentation of the results of the edition, the administrator of the Benfica SAD, Domingos Soares de Oliveira, said, quoted by Lusa, that "there was a significant increase in demand "

The Benfica official said:" This has brought a disturbing factor to these normal problems, and I am referring to this because Fernando Gomes, from Porto SAD, has been here and there. " So for all SADs, even for Sporting, this should be an underlined factor in the less positive sense of the term.This is something that affects the issues of obligations, I have not no doubt. "

The experts cautioned against the risk of these financial instruments. The deferral of reimbursement of Sporting's obligation was proof of this risk. In the analysis of this issue of Benfica, Deco Proteste recalled that "this is not in general 'fan' s obligations of SAD football clubs, and that 's not enough. is not this issue of Benfica SAD that changes our assessment. "

Deco Protest pointed out that "the recent instability in Sporting was a warning that a company based on exacerbated passions and financial imbalances have risks that can not be ignored."

Benfica has already managed to capture more than twice the investors

Benfica SAD has already managed to attract more than 7,200 investors in a bond issue, more than double the number of participants in the This year's offer. On average, since 2004, each transaction has more than 5,200 investors, a number well above that achieved by those incarnated in this "season" of financing.

Number of investors in the Bonds of Benfica:

] ] [196459007]

The SAD of Light is one that has intensified the use of these instruments in order to compensate the closing the bank tap. With the issuance of this month, which served to refinance a bond loan contracted three years ago, Benfica has issued 155 million euros. This money will have to be repaid by 2021.

Until recently, Portuguese DSS had only one active bond loan. But Benfica has three lines at once, which increases the risk of refinancing. Porto has two, with a total value of 70 million.

The higher the value issued and the repayment schedule, the greater the risk of not obtaining sufficient demand to make a new transaction to pay the previous one. In this month's offer, the demand was only 1.28 times higher than the amount that Benfica needed. In addition to the risks and the possible sporting effect, Benfica has been less generous in operations.

In addition to the risks and the possible sporting effect, Benfica was less generous in the operations. This year 's offer was 4% interest, the same as last year' s edition. In 2016, the embodied DAU proposed a 4.25% interest. In 2017, it offered more than 7%.

Before Benfica, Porto had made an offer of bonds in May. It has fulfilled the funding goal of 35 million euros. The request was 1.87 times the amount proposed, better than the 1.31 times recorded in a 2017 issue. However the number of participants went from 3471 to 3212, although the blues and the white have improved the number of participants. interest offered 425% to 4.75%