The OTRV July 2031 bonds were issued “through a public subscription offer directed to the general public and a public exchange offer focused on the ‘OTRV July 2025’, with semiannual interest payments due on January 18 and July 18 of each year”, commencing on July 2, as outlined in a prospectus released by the Portuguese Treasury and Debt Management Agency (IGCP).
These interest rates are “calculated at a variable rate equal to the six-month Euribor plus 0.25%, with the capital reimbursement taking place on July 18, 2031”.
The OTRV are “securities issued by the Portuguese Republic in the capacity of issuer and offeror within the Subscription and Exchange Offers”, in “dematerialized and bearer form, denominated in euros, with a unit nominal value of 1,000 euros and an initial global nominal value of up to 1,000,000,000 euros [one billion euros], which may be increased, at the issuer’s option, until July 10, 2025”, it explained.
The subscription price is thus one thousand euros per OTRV July 2031, while the consideration for exchanging each OTRV July 2025 is one OTRV July 2031.
“On the issue and settlement date of the Offers, accrued interest from January 23, 2025, will also be paid for the OTRV July 2025 accepted for exchange,” it indicated.
