Treasury returns to the market next week to raise up to 1,250 in short-term debt
Next week, IGCP will have two auctions for three and eleven months Treasury bills. The goal is to raise up to 1,250 million euros of financing.
Next Wednesday, Portugal returns to the market to issue short-term debt. Two auctions will take place for Treasury bills maturing in three and eleven months. The goal for both operations is to raise between one billion and 1,250 million euros, IGCP disclosed, in a press release.
“On the 18th of April at 10:30 a.m. (11:30 a.m. CET) IGCP, E.P.E. is going to auction two Treasury Bill lines maturing on July 2018 and March 2019 with an indicative global range amount of EUR 1000 million to EUR 1250 million“, is stated by the entity headed by Cristina Casalinho.
This return to the market is included in the financing programme for the second quarter, disclosed by IGCP on the beginning of April. By then, the Portuguese Debt Management Agency, IGCP, anticipated its goal of placing Treasury bills with a maximum amount of 4,250 million euros during the current quarter. In addition, it also anticipated the issuance of Treasury bonds would be made by using both auctions and syndicated operations.
That was the case of last Wednesday, April 11, when the Treasury placed three billion euros in 15-year Treasury bonds, by means of a syndicated operation operated by six banks. The issuance was highly demanded, with orders standing at 16 billion euros, and Portugal paid an interest rate of 2.325%.
The next issuance, taking place next Wednesday, takes place just two days before Moody’s revisits the Portuguese debt rating. To ECO, Cristina Casalinho states the country has been beating every forecast made by the rating agency, so she anticipates good news will soon come.
