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EGB FUNDING UPDATE: Portugal Q4 Funding Plan: 2024 Issuance Target Revised Lower

EGB FUNDING UPDATE
EurozoneBulletGlobalFixed Income BulletsRegionMarkets
  • Portugal has revised its PGB/OT and MTN issuance target to E15.0bln, E1.0bln less than estimated in Q3.
  • At the end of August 2024, a total of E14.5bln had been raised from OT issuance - 97% of the annual issuance target.
  • This leaves just E0.5bln needing to be raised for the rest of this year.
  • During Q4, IGCP intends to hold one PGB auction, with an expected issuance amount of between E0.75-1.0bln.
  • 2024 net bill issuance is projected to be E4.8bln, from a Q3 estimate of E3.4bln. IGCP intends to hold two BT auctions in October and November:
    • E0.75-1.0bln of the 11-month Sep 19, 2025 BT on October 16, 2024.
    • E0.75-1.0bln of the new 12-month Nov 21, 2025 BT on November 20, 2024.
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  • Portugal has revised its PGB/OT and MTN issuance target to E15.0bln, E1.0bln less than estimated in Q3.
  • At the end of August 2024, a total of E14.5bln had been raised from OT issuance - 97% of the annual issuance target.
  • This leaves just E0.5bln needing to be raised for the rest of this year.
  • During Q4, IGCP intends to hold one PGB auction, with an expected issuance amount of between E0.75-1.0bln.
  • 2024 net bill issuance is projected to be E4.8bln, from a Q3 estimate of E3.4bln. IGCP intends to hold two BT auctions in October and November:
    • E0.75-1.0bln of the 11-month Sep 19, 2025 BT on October 16, 2024.
    • E0.75-1.0bln of the new 12-month Nov 21, 2025 BT on November 20, 2024.