According to the document issued by the IGCP – Treasury and Public Debt Management Agency, the financing strategy for 2026 will focus on issuing public debt securities in euros within financial markets, through regular Treasury Bonds (OT) issuances to promote liquidity and ensure the efficient functioning of both primary and secondary markets.
In terms of OT, a total of 24 billion euros is expected to be raised through gross issuance, combining syndicates and auctions, with plans for 3 syndicated issuances and 9 auctions.
Regarding Treasury Bills (BT), the net financing expected from the issuance of BT is projected to impact by 5.1 billion euros.
The IGCP will conduct monthly BT auctions on the third Wednesday of each month and may also use the first Wednesday of the month if justified, the Portuguese debt management agency indicates.
According to the indicative calendar for the first quarter of 2026, auctions are planned for January 7 and 21, each with an indicative amount of 1,000 million to 1,250 million euros; February 18, with an indicative amount between 1,500 million and 1,750 million euros; and March 18, with an amount ranging from 1,750 million to 2,000 million euros.
The IGCP also signals an intention to invigorate the Euro Commercial Paper (ECP) program next year, as well as the Euro Medium Term Notes (EMTN) program, which will allow for the exploration of short and medium-long term securities issuances in different currencies.
