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Portugal 2024 Funding Plan

EUROZONE ISSUANCE

Portugal's IGCP has announced the 2024 Financing Programme. Details:

  • Total borrowing requirements are E20.6bln (up from E17.8bln in 2023).
  • This comprises net financing needs of E11.9bln in 2024 (up from E3.7bln in 2023) with E8.8bln (E14.2bln in 2023) of PGB+MTN redemptions. There are no official loan repayments in 2023 (E1.5bln in 2023) nor FRN/"other" MLT instruments due to be repaid (as in 2023).
  • The majority of financing will come via E13.9bln of gross OT issuance via both syndication and auction. This is up from E9.4bln in 2023. Monthly issuance is planned (through both syndication and auction) with auctions to be held on the second and fourth Wednesday of each month and announced T-3 business days.
  • "Opportunities to perform bond exchanges and buybacks will be explored".
  • There is also E2.2bln of EU funding (vs E0.1bln in 2023) planned for 2024, with zero net retail debt.
  • The Treasury's year-end cash position will rise from E6.0bln in 2023 to E7.5bln in 2024.
  • Net planned increase of T-bill stock of E6.1bln in 2024 (vs a net E4.5bln decrease in 2023).
  • T-bill auctions for Q1:
    • 6/12-month E1.50-1.75bln on 17 January
    • 7/11-month E1.25-1.50bln on 21 February
    • 6/12-month E1.25-1.50bln on 20 March
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