Portugal pushes €1,361 million debt into 2028 and 2037

  • ECO News e Lusa
  • 25 August 2021

The IGCP has regularly carried out debt swaps to take advantage of falls in interest rates, to better manage the public debt.

Portugal’s public debt management agency, the IGCP, on Wednesday, held an auction for the exchange of Treasury Bonds (OTs), in order to extend maturities and secure lower yields for the long term, by repurchasing €1.361 billion in debt and placing the same amount at longer maturities.

According to information disclosed via the Bloomberg information system, the IGCP repurchased €1.080 billion in OTs at a yield of 4.95%, maturing on 25 October 2023, and another €281 million of OTs with a yield of 5.65%, maturing on 15 February 2024. According to the IGCP, the former were repurchased at 112.339% and the latter at 115.832%.

At the same time, the IGCP place €1.025 billion in OTs at a yield of 2.125%, maturing on 17 October 2028, and €336 million of OTs at 4.1%, maturing on 15 April 2037.

The IGCP has regularly carried out debt swaps to take advantage of falls in interest rates, to better manage the public debt.