According to IGCP, the reduction is thanks mainly to the amortisation of the Variable Income Treasury Bond series in the amount of €1.5 billion and Treasury Bills in the amount of €752 million.
The Portuguese state’s outstanding direct debt was €269.129 billion at the end of November, down 0.4% from October, the national debt management agency, IGCP, announced on Monday.
According to IGCP, the reduction is thanks mainly to the amortisation of the Variable Income Treasury Bond series in the amount of €1.5 billion and Treasury Bills (BT 19 Nov 2021) in the amount of €752 million.
However, these redemptions were partly offset by the increase in the balance of Treasury Bonds due to the issuance of €686 million (OT 0.3% Oct 2031) and €314 million (OT 4.1% Apr 2037).
Also according to the IGCP, the balance of Short-term Special Certificates of Debt (CEDIC) increased by €24 million and the balance of Saving Certificates (CA) grew by €20 million. The balance of Treasury Certificates (TC) decreased by €10 million.
As for compensation on margin accounts received under the scope of financial derivatives, they recorded an increase of €92 million.
In its statement, the IGCP also says that “the stock of debt increased by €73 million due to the effect resulting from exchange rate fluctuations of most debt instruments denominated in non-euro currency valued at the exchange rate of the last day of November.”
It also states that “incorporating the favourable exchange rate effect of derivative hedging, corresponding to the notional value of equity swaps, which rose to €467 million in November, the total value of debt after currency hedging stood at €268,662 million, down 0.43% on the previous month.”