The Portuguese Treasury disclosed its financing programme for the rest of the year. In addition to bonds, IGCP will issue up to 2.75 billion in Treasury bills.
The Portuguese Treasury disclosed their programme for the fourth quarter of 2017. In addition to performing Treasury bonds auctions, IGCP (Portuguese Treasury and Debt Management Agency) will also issue up to 2.75 billion euros in Treasury bills.
In the document disclosed this Monday, IGCP says they “intend to issue PGB [Government bonds] using PGB auctions, with an expected issuance amount between 1,000 and 1,250 million euro per auction”.
The entity headed by Cristina Casalinho stated those auctions “will have the participation of the Primary Dealers (OEVT) and Other Auction Participants (OMP)”, which can be performed on the second, fourth or fifth Wednesday of each month “after the announcement of the indicative amount and the PGB to be tapped up to three days before the respective auction date”.
In the Treasury bills’ calendar, IGCP scheduled two issuances: one on October 18th and the second on November 15th, involving an indicative amount between 2,250 million and a maximum of 2,750 million euros.
The first issuance should reopen two lines — with a three and 11 months’ maturity –, with an overall amount between a minimum of 1,000 million and a maximum of 1,250 million euros. On the second issuance, a six-months maturity line will reopen and a 12-month emission will be launched, involving an amount between 1,250 and 1,500 million euros.
IGCP’s press release ends by stating: “IGCP, E.P.E. will continuously monitor market conditions, which may result in a change of the present quarter guidelines”.