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Portugal Q2 Funding Programme

EUROZONE ISSUANCE
  • Portugal has updated its 2023 funding plans. It now sees net financing needs of E24.8bln for the year, up from the previous estimate of E23.bln.
  • E6.9bln of OTs have been issued to date and IGCP expects a further E8.3bln to be issued in the remaining of the year. This would lead to a total of E15.2bln (a decrease of E4.6bln from the initial target of E19.8bln).
  • IGCP notes that PGB auctions can take place on the 2nd or 4th Wednesday of each month, as usual.
  • T-bills have raised a net E0.2bln so far this year, but flows of -E0.2bln are expected to leave the stock of bills flat for the year, versus an expectation of a E4.3bln increase in the stock of BTs.
  • BT auctions are scheduled for 19 April and 17 May.
  • Retail debt is expected to make up a much higher proportion of issuance with E4.3bln already sold and a further E7.7bln expected to be sold (a total of E12.0bln for the year up from an initial expectation of E3.5bln).
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