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Highlights Of 2021 Financing Programme

PORTUGAL

The IGCP has released Portugal's 2021 funding programme (PDF link here). The key highlights:

  • EUR14bn Central gov't net financing requirement, plus EUR11.6bn in bond redemptions = EUR25.6bn total borrowing requirement
  • That EUR25.6bn to be financed via the following: EUR15bn of gross bond issuance (vs EUR27.2bn in 2020), plus EUR2.9bn funding, EUR1.0bn "other flows" , and EUR6.7bn use of deposits
  • Bond auctions to be held on the 2nd or 4th Weds of each month
  • Bill issuance seen as net null impact in net financing. Auctions to be held on the 3rd Weds of each month but could also use 1st Weds if justified by demand.
  • First three bill auctions will be on Jan 20 (6-/12-month, EUR1.25-1.50bn), Feb 17 (3-/11-month, EUR1.00-1.25bn), Mar 17 (6-/12-month, EUR1.25-1.50bn).

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