IGCP intends to repurchase in advance part of the US dollar debt securities issued in 2017.
Portugal will repurchase treasury bonds, this time securities issued in dollars. The IGCP intends to repurchase in advance part of the securities issued in 2017, and did not reveal the maximum amount to be repaid to investors.
In a statement, the Portuguese agency “is pleased to announce a partial reserve notes auction” of Portugal 5.125% bonds that mature on 15 October 2024. This auction will take place this Tuesday, July 13, before a new auction to place long-term debt in euros is held the following day.
The buyback auction is partial. “The total target volume that will be purchased will not be predetermined but it will not cover the entire issuance,” which will be around $4 billion, according to IGCP.
Portugal went to the market to issue debt in dollars in 2017, maturing in 2024, seeking to satisfy the appetite of US investors looking to make investments in national debt securities in the context of the country’s recovery.