The issuance of a new series of Floating Rate Treasury Bonds (OTRV) has begun, with interest payments in January and July each year. Subscriptions are open until July 15: do you know how they work?
These are effectively an alternative to Savings Certificates. The OTRVs are “scriptural securities governed by Portuguese law, representing medium and long-term loans of the Portuguese Republic“, according to the Treasury and Public Debt Management Agency (IGCP), which adds that “they are created to boost the public debt market through the diversification of public debt instruments and distribution channels available to investors, and to expand the investor base of the Portuguese Republic”.
“This issuance, maturing in July 2031, includes a subscription offer to the general public and an exchange offer directed at current bondholders,” stated the Ministry of Finance in a social media post shared on Monday.
How much do they yield?
According to the ministry, they have a “semiannual remuneration indexed to the 6-month Euribor, plus a 0.25% premium“.
“These bonds aim to contribute to stimulating medium and long-term savings, offering a public debt title similar to traditional Treasury Bonds but with variable remuneration,” highlighted the office of Finance Minister Joaquim Miranda Sarmento.
The IGCP highlights the following key characteristics of these products:
- The nominal value of each OTRV is 1,000.00 euros (one thousand euros);
- The maximum subscription limit per investor is 1,000,000.00 euros (one million euros), corresponding to 1,000 (one thousand) bonds;
- The applicable nominal interest rate is variable;
- The OTRVs are issued for up to 10 years, with repayment made on the maturity date at the nominal value and in one installment.

The Treasury and Public Debt Management Agency (IGCP) is issuing a new series of Floating Rate Treasury Bonds this Wednesday. In practice, they provide another saving instrument for Portuguese citizens. Discover them here.
Beatriz Vasconcelos | 09:10 – 02/07/2025
What are the differences between OTRV and Savings Certificates?
The IGCP also notes that “like other retail instruments, the issuance of OTRVs promotes the application of medium and long-term savings of savers in debt securities with characteristics similar to Treasury Bonds, but with variable remuneration”.
That is, both Savings Certificates and OTRVs remunerate investors based on Euribor variations, but the remuneration of the former is defined upfront.
Additionally, the OTRVs can be traded in the secondary market on Euronext Lisbon.

The subscription price is therefore one thousand euros for each July 2031 Floating Rate Treasury Bond (OTRV), while the exchange offer for each July 2025 OTRV is a July 2031 OTRV.
Lusa | 07:11 – 02/07/2025