This is the highest value invested in savings certificates (CA) since the beginning of the Banco de Portugal (BdP) series in December 1998 and represents an acceleration compared to a year-on-year growth of 10.4% in May.
In nominal terms, the ‘stock’ of CA in June rose by 3.857 billion euros compared to the same month in 2024 and 319 million euros sequentially.
June marks the ninth consecutive month of increase in the total value of savings certificates.
Following strong demand, driven by the rise of Euribor, the CAs started losing savers’ interest when, in June of the previous year, the series of certificates being marketed (‘series E’) was replaced by ‘series F’, with a lower interest rate.
Nevertheless, investors returned to choose this instrument, more than compensating for the disinvestment in treasury certificates (CT), which fell in June to 8.817 billion euros, 155 million euros less than in May (-1.7%) and a drop of 14.6% (-1.508 billion euros) year-on-year.
The value invested in CT, now at its lowest since March 2016, has been consistently dropping since October 2021, when it reached a peak of 17.865 billion euros.
According to statistical data from the Agency for the Management of Treasury and Public Debt – IGCP, new CT issuances amounted to seven million euros in May, while exits (redemptions) totaled 162 million euros.
The lowest CA value was recorded in November 2012, when Portugal was undergoing the bailout plan and the unemployment rate soared, registering then 9.7 billion euros in investment in these securities.
The data released today by the BdP also show that in June the state’s direct debt increased by 5.48% year-on-year, to 307.482 billion euros, and rose by 2.316 billion euros sequentially.
In other debt instruments, on a year-on-year basis, treasury bonds (OT) rose by 8.3% to 177.680 billion euros, while treasury bills (BT) fell by 7.6% to 10.859 billion euros.
Sequentially, the net balance of OT grew by 1.494 billion euros throughout June, while the BT increased by 750 million euros.
