State to auction €10.9 billion in bonds this year

  • Lusa
  • 5 January 2022

According to IGCP, Portugal is expected to have net financing needs of €10.9 billion in 2022.

Portugal is expected to have net financing needs of €10.9 billion in 2022, said the Public Debt and Cash Management Agency (IGCP), in a statement released on Tuesday.

For this year, the funding strategy “will focus on the issuance of public debt securities in financial markets in euros with regular issues of Treasury Bonds to promote liquidity and efficient operation of primary and secondary markets,” and “opportunities to carry out exchange operations and repurchases of securities will be explored.

According to IGCP, around €17.7 billion will be raised “via gross treasury bond issuance, combining syndicates and auctions, ensuring monthly issues.”

“The auctions will have the participation of the Specialised Treasury Securities Operators and Primary Market Operators and will be held on the second or fourth Wednesday of each month,” the entity said, adding that “the indicative amount and the bond lines to be reopened will be announced to the market up to three working days before the auction.”

On the other hand, concerning Treasury Bills, “in 2022, it is expected that the net financing resulting from the issuance of BT will produce a positive impact of €3 billion.”

According to the entity, “the indicative amount of the auctions will continue to be announced to the market through an interval. The decision to allocate to each series will be made by IGCP depending on demand and the respective price”.