Portugal launched an operation to buy back debt it had issued in US currency. It repurchased US$1.12 billion.
Portugal went to the market to repurchase treasury bonds, this time securities issued in dollars. The IGCP repaid in advance US$1.12 billion originally issued in 2014.
The agency led by Cristina Casalinho had revealed on Monday, July 12, that it would carry out this operation today, July 13, ahead of a new bond auction to be held on Wednesday, July 14.
The amount to be repurchased was not defined. “The total target volume that will be purchased will not be predetermined but it will not cover the entire issuance,” whose outstanding balance will be around US$4 billion, said the IGCP, ending up acquiring US$1.12 billion of this debt, according to Bloomberg.
Portugal turned to the market to issue debt in dollars in 2014, maturing in 2024. The objective was to satisfy the appetite of US investors at the time, but also to ensure access to interest rates that were lower than those required in euros.