In a statement released today, the Portuguese Treasury and Government Debt Agency (IGCP) announced that Treasury Bond (OT) issues, excluding swap operations, are expected to reach 20.5 billion euros in 2025, which remains unchanged from the initial estimate.
Meanwhile, net financing through Treasury Bills (BT) is projected to decrease slightly from an initial estimate of 4.6 billion euros to 4.4 billion euros.
The IGCP stated that, by the end of February 2025, it had issued 5.4 billion euros in OT. With the March auction accounted for, a total of 6.7 billion euros has been issued, representing 33% of the annual goal for this instrument.
For the second quarter of 2025, the IGCP plans to issue OT through a combination of syndications and auctions, with expected placements ranging between 1 billion euros and 1.25 billion euros per auction.
These OT auctions will involve the participation of Treasury Certificate Specialists (OEVT) and Primary Market Operators (OMP) and will take place on either the second or fourth Wednesday of each month.
Regarding the indicative amount and the OT lines to be reopened, the IGCP will announce them to the market up to three business days before the auction.
Concerning BT issuance, the IGCP plans to conduct four auctions, three of which will be reopenings and one will be a new launch.
The next auction, ‘BT20MAR2026’ (11 months), is scheduled for April 16, with an indicative amount ranging between 1 billion and 1.25 billion euros.
On May 21, the IGCP is set to conduct an auction of ‘BT21NOV2025’ (six months) and ‘BT22MAI2026’ (12 months) with an indicative amount between 1.25 billion and 1.5 billion euros.
The fourth auction of the second quarter, ‘BT22MAI2026’ (11 months) with an indicative amount between 750 million and 1 billion euros, is scheduled for June 18, as noted by the IGCP.
The agency emphasized that it “will actively monitor market conditions and may introduce adjustments to these operational lines if necessary.”
