Portugal returns to the market next week to achieve one billion euros in short term debt
Next Wednesday, there will be a new short-term debt auction. Portugal attempts to place up to one billion euros in Treasury Bills on three and eleven months' maturities.
Portugal returns to the debt market next week. This time, IGCP (Portuguese Debt Management Agency) will perform two auctions this Wednesday, on three and eleven-months’ maturities Treasury Bills, aiming to raise up to 1,000 million euros.
“On the August 16th at 10:30 a.m. (11:30 a.m. CET) IGCP, E.P.E. is going to auction two Treasury Bill lines maturing on November 17th 2017 and July 20th 2018 with an indicative global range amount of EUR 750 million to EUR 1000 million”, announced the agency which manages the Portuguese public debt.
As in previous short-term auctions, IGCP should have negative interests once again to auction these titles with very short maturities. In the secondary market, yields associated with these Treasury Bills with three and 12-months maturities gave in to -0.284% and -0.30%, respectively. These percentages allow an understanding of the market sentiment Portugal should encounter next week.
Just a month ago, the Portuguese Republic was able to finance itself in 1,750 million euros and on six and 12 months’ maturities with negative interests. Concerning last year’s total, IGCP raised over 16 billion euros in short-term titles and for which it paid an almost zero marginal rate (0.02%).
"On the August 16th at 10:30 a.m. (11:30 a.m. CET) IGCP, E.P.E. is going to auction two Treasury Bill lines maturing on November 17th 2017 and July 20th 2018 with an indicative global range amount of EUR 750 million to EUR 1000 million.”
