In a statement released today, IGCP – Portugal’s Public Debt Management Agency – detailed that the designated Treasury Bonds (OT) are the “OT 3.875% 15Feb2030” (approximately five years) and “OT 4.1% 15Apr2037” (approximately 12 years).
In the most recent auction on March 12, the IGCP placed 1.1 billion euros, below the global maximum indicative amount, in 10- and 13-year OT at interest rates of 3.381% and 3.633%, respectively.
For the “OT 3% 15Jun2035” (about 10 years), 563 million euros were placed at a rate of 3.381%, with demand reaching 1.119 billion euros, 1.99 times the amount placed.
For the “OT 3.5% 18Jun2038” (around 13 years), the IGCP placed 537 million euros at a rate of 3.633%, and demand was recorded at 1.062 billion euros, 1.98 times the amount placed.
As part of the update to Portugal’s Financing Program for the second quarter, disclosed on March 31, the IGCP stated that Treasury Bond (OT) issuances, excluding exchange operations, are expected to reach 20.5 billion euros in 2025 (no change from the initial estimate).
According to the statement, by the end of February 2025, the IGCP had issued 5.4 billion euros of OT, and taking the March auction into account, it has already issued 6.7 billion euros in OT, representing 33% of the annual issuance target for this instrument.
The IGCP forecasts, for the second quarter of 2025, OT issuances through a combination of syndications and auctions, with each auction expected to place between 1 billion euros and 1.25 billion euros.
