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Portugal 2023 funding plan

EUROZONE ISSUANCE
  • Net financing needs of E12.4bln in 2023 (up from E8.3bln in 2022) with E10.0bln (11.4bln in 2022) of PGB+MTN redemptions and E1.5bln of official loan repayments (E0.5bln in 2022). There are no FRN/other MLT instruments due to be repaid in 2023 (E3.5bln in 2022).
  • E19.8bln of 2023 gross OT funding via both syndication and auction. This is up from E12.0bln in 2022.
  • Monthly issuance is planned (through both syndication and auction) with auctions to be held on the second and/or fourth Wednesday of each month and announced T-3 business days.
  • "Opportunities to perform bond exchanges and buybacks will be further explored."
  • Net planned increase of T-bill stock of E4.3bln in 2023 (vs E1.3bln increase in 2022).
  • T-bill auctions for Q1:
    • 6/12-month E1.25-1.50bln on 18 January
    • 3/11-month E0.75-1.00bln on 15 February
    • 6/12-month E1.25-1.50bln on 15 March

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