State debt agency places €750M in treasury bills at higher yields
IGCP had earlier announced that it was staging two auctions of bills maturing on 19 May 2023 and on 19 January 2024, with a total indicative amount of between €750 million and €1 billion.
Portugal on Wednesday placed €750 million, the minimum indicative amount, in treasury bills with maturities of between three and 11 months, at higher average yields for both maturities than in previous comparable auctions, the state debt management agency announced.
According to the page of the IGCP – Treasury and Public Debt Management Agency on the Bloomberg system, €450 million in three-month bills were placed at an average yield of 2.568%, against a negative yield of -0.302% in the last comparable auction on 15 June 2022.
In the 11-month maturity, €300 million of bills were placed at an average yield of 2.975%, which was also higher than the rate in the last comparable auction, on 19 October last year, of 2.104%.
Demand for the three-month bills totalled €1.31 billion, or 2.91 times the amount placed, while demand for the 11-month bills was €1.756 billion, 5.85 times the amount placed.
IGCP had earlier announced that it was staging two auctions of bills maturing on 19 May 2023 and on 19 January 2024, with a total indicative amount of between €750 million and €1 billion.
In the last comparable auction of 11-month bills, in October, the IGCP placed €750 million at an average yield of 2.104%, with demand totalling 1.74 times the amount placed.
The last auction of three-month bills was last June, when €500 million were placed at a rate of -0.302%, with demand 2.3 times the amount placed.
This year, on 18 January, €750 million in six-months bills were placed at an average yield of 2.417%, and €500 million in 12-month bills at an average yield of 2.725%.
The demand for the six-month bills was 2.14 times the amount placed, and for the 12-month bills 3.8 times the amount placed.
