FC Porto SAD Raises Bond Issue to €70m on Investor Demand
FC Porto SAD has raised its 2026-2030 bond issue from €40 million to €70 million on investor demand, according to a CMVM-approved addendum.
FC Porto SAD has raised its 2026-2030 bond issue from €40 million to €70 million after investor demand, according to an addendum approved by Portugal's markets regulator, the CMVM, on 10 November 2026. Subscription and exchange orders close at 15:00 on 13 November. The bonds are due to be issued on 18 November and repaid on 18 December 2030.
Key facts
- The addendum increases the maximum issue to 14 million bonds with a nominal value of €5 each, or up to €70 million, from the original ceiling of 8 million bonds and €40 million.
- If the offers are fully placed, the estimated net proceeds for FC Porto SAD are €67,920,755, the addendum says.
- The bonds pay a base coupon of 5.25% a year, subject to a sporting uplift described in the prospectus, and carry ISIN PTFCPAOM0010. They are due for admission to Euronext Lisbon.
- Holders of the existing FC Porto SAD 2023-2026 bonds, which pay 6.25% and are due for repayment on 7 December 2026, can exchange them one-for-one and receive €0.15625 of accrued interest per bond, before taxes and charges.
- The club's addendum states that individual equity at 30 June 2026 was -€164,679,374, against share capital of €112,500,000, in audited annual accounts.
- ECO reported that chief financial officer José Pedro Pereira da Costa had told the paper, when the offer opened on 2 November, that the initial €40 million was only a starting point and that "the aim is to do the 55 million."
What the club has changed
The original prospectus, approved and published by the CMVM on 28 October 2026, already allowed FC Porto SAD to increase the size of the issue by 10 November. That is what the club has now done. The 10 November addendum raises the maximum from €40 million to €70 million and expands the linked exchange offer, which can take in up to €55 million of the 2023-2026 bonds.
The securities are officially named "Obrigações ligadas ao sucesso desportivo FC Porto SAD 2026-2030": bonds linked to sporting success. They run from the 18 November issue date to repayment on 18 December 2030, a term of four years and one month. ECO, citing the coupon schedule, said the 5.25% base rate rises by 0.15 percentage points for each qualification for the Champions League and by 0.10 percentage points for each Portuguese league title in the 2026/27 to 2028/29 seasons, up to a maximum of 6%. The addendum itself refers to that sporting uplift as set out in the prospectus.
The minimum subscription is €2,500, or 500 bonds, according to both the addendum and ECO. Orders can be placed or revoked until 15:00 on 13 November 2026. The addendum does not report how much has already been taken up, only that the ceiling has been lifted to €70 million.
Why Porto is in the market
The addendum is clear about the use of proceeds. The subscription offer is intended, first, to refinance the €55 million of FC Porto SAD 2023-2026 bonds issued on 7 June 2023 and due on 7 December 2026. Any remainder is to finance the club's ordinary activity, diversify and optimise its funding sources, and strengthen liquidity. In other words, a large part of the new paper is designed to roll existing retail debt rather than add a full €70 million of extra cash.
The same document puts that refinancing in a stark balance-sheet context. Individual equity at 30 June 2026 was -€164,679,374, against share capital of €112,500,000, a position the addendum describes as the loss of more than half of the share capital. Those figures come from the audited individual annual accounts cited on the cover of the addendum. They help explain why a listed Portuguese club SAD is back in the retail bond market so close to a December maturity.
ECO reported that Porto followed a similar path three years ago, when a 2023 issue also started at €40 million and was increased to €55 million, placed with 3,758 investors. José Pedro Pereira da Costa, the club's chief financial officer, told ECO on the day the latest offer opened that the €40 million figure was only the starting point and that the aim was to reach €55 million, with any increase depending on daily subscription and exchange data in the first days of the offer. The ceiling now set is higher than that earlier target.
What happens next
The immediate test is whether demand fills the enlarged €70 million book by the 15:00 cutoff on 13 November. Until the offer closes and the club reports the final take-up, the €70 million figure is a maximum, not a confirmed raise, and the €67.9 million net proceeds figure is an estimate for a full placement. Issuance is scheduled for 18 November, with listing on Euronext Lisbon.
The episode sits in a familiar Portuguese club-finance pattern. Sporting CP has also used the bond market, as covered when the club sought approval for up to €150 million of issuance. Retail bonds of this kind are one of the ways clubs raise money alongside bank and private credit, a market mapped in the site's guide to who lends to football clubs. FC Porto SAD is also one of the football clubs listed on a stock exchange, which is why this increase had to go through a CMVM-approved prospectus addendum rather than a private loan amendment.
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