Portugal will issue up to €1bn in 15-year bonds, for the first time since 2008

  • ECO News
  • 8 February 2019

The Portuguese Treasury and Debt agency has announced that it will issue debt maturing in 2029 and 2034. It has been over 10 years since the last time Portugal placed 15 year bonds in the market.

The Portuguese treasury (IGCP) will return to the market next Wednesday, to issue 10 and 15-year bonds. The IGCP announced this Friday that there will be two treasury bond auctions next week. This is the first treasury bond auction to be organized by the agency in 2019, who has already organized previously this year a syndicated transaction and a debt swap operation for these assets.

“The IGCP will auction, on February 13 at 10:30 AM, 10 and 15-year bonds, maturing on June 15, 2029, and April 18 2034, ranging between €750m and €1bn”, the agency announced this Friday.

Since the start of the year, the IGCP has already organized two different operations with treasury bonds, and a treasury bill auction. On the first operation, the IGCP issued €4bn in 10-year bonds at an interest rate below 2%, and in which demand was robust (five times the value of the issuance).

On January 31, the Portuguese Treasury returned to the market for a debt swap operation, to delay the reimbursement of €700m in debt maturing in 2020, exchanging it with bonds maturing in 2028.