Portugal wants up to 2.5 billion in short-term debt by the end of the year

Portugal will continue to hold long-term debt auctions in this last quarter of the year, but will do only two such operations for short-term securities. IGCP intends up to 2.5 billion euros in Government bonds (PGB).

According to the state funding programme, the agency led by Cristina Casalinho plans to hold two double auctions with a maturity of up to 12 months, one on October 21 and the other on November 18.

In the first of these two operations, it will issue Government bonds with a term of three and 11 months, while in the second it will hold an auction with maturities of six and 12 months. In each of them, the indicative amount varies between 1,000 and 1,250 million euros.

In addition, the IGCP “intends to issue PGB using auctions, with an expected issuance amount between 1,000 and 1,250 million euro per auction,” it said in a statement. “PGB auctions will have the participation of the Primary Dealers (OEVT) and Other Auction Participants (OMP),” the agency added.