The operation is known after the IGCP announced that it will issue more debt to meet the increased financial needs generated by the Covid-19 pandemic.
Portugal will proceed with a seven-year syndicated sale of Treasury Bonds (T-Bonds). According to Reuters, the Treasury and Public Debt Management Agency (IGCP) will conduct the operation in the next few days.
The IGCP mandated Barclays, BBVA, CaixaBI, Crédit Agricole, CIB, JP Morgan and Morgan Stanley as joint lead managers for issuing T-Bonds with maturity on October 15, 2027.
The operation is known after the Portuguese agency announced that it will issue more debt to meet the increased financial needs generated by the Covid-19 pandemic.
In the financing programme released this Tuesday, the agency led by Cristina Casalinho points to an increase of 250 million euros in each auction of medium or long-term securities, besides the increase of 1.3 billion euros in the short term.
The syndicated sale should also help to cope with the extraordinary expenses of the State amid the outbreak. This will be the second operation to be carried out by Portugal in 2020 (which usually makes only one syndicated sale per year). In January, the IGCP obtained four billion euros in a ten-year syndicated debt issue.