Projected net financing through Treasury Bills (BT) is anticipated to decrease by 2025, from an estimated 4.6 billion euros in the third quarter to 2.7 billion euros, according to the updated version for the fourth quarter of 2025 of Portugal’s National Funding Program.
Two BT auctions are scheduled for the fourth quarter of this year, featuring both a reopening and a launch on November 19, with six and 12-month terms and an indicative value ranging from 1 billion to 1.25 billion euros.
Regarding long-term debt, the IGCP states that the issuance of Treasury Bonds (OT) by the end of September 2025 amounts to 20.6 billion euros, with this financing instrument program now completed.
Despite not expecting additional OT issuances in the last quarter, the agency notes that the IGCP may consider conducting sales or swap/buyback auctions to ensure efficient market functioning, investor interest across various curve sectors, and the liquidity of the OT curve.
