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Portugal Q2 Funding: Increased OT Issuance Target

EUROZONE ISSUANCE
  • Portugal has revised up its PGB/OT and MTN issuance target for 2024 to E16.0bln (vs E13.9bln initially estimated).
  • At the end of March 2024, a total of E8.2bln had been raised from OT issuance.
  • Total 2024 borrowing requirements are estimated at E20.4bln compared to an initial estimate of E20.6bln in December 2023.
  • The difference comes as redemptions are now expected to be slightly lower (E8.5bln vs E8.8bln prior, note: rounded values).
  • 2024 Net financing needs are unchanged at E11.9bln.
  • Total expected net bill issuance has been reduced to E4.7bln (vs E6.1bln initially estimated).
  • Full borrowing requirement/financing source breakdown (as of February 2024) in the table below:



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