IGCP repurchased €50 million of debt in the line maturing in February 2024, and €198 million in the line maturing in October 2025; 249 million in the line that ends in July 2026 and 150 million in the line due in April 2027. In total, 647 million euros.
IGCP – the Treasury and Public Debt Management Agency today bought back €647 million of Treasury Bonds (OT) due between 2024 and 2027 at auction.
Regarding the issuance of treasury bonds, Felipe Silva, investment director at Carigosa Bank, said: “Today, Portugal held a debt buyback auction covering four treasury bonds maturing in 2024, 2025, 2026 and 2027 with a total value of 647 million euros.”
In the case of issuing Treasury bonds maturing on February 15, 2024, 50 million were purchased at 100.39, on October 15, 2025, 198 million were purchased at 100.199, on July 21, 2025, 2026, 249 million were purchased at 100.65, and on April 14, 2027, 150 were purchased. One million at 104.49. “Through this process, Portugal reduces the amount of its debt in treasury bonds in each of the respective maturities, reducing its financing needs for shorter periods and thus being able to manage term in the next issuances it implements in a more relaxed manner.” Felipe Silva concludes.
In the case of the issuance of Treasury bonds due on February 15, 2024, €50 million were repurchased at an interest rate of 3.48%.
In the case of Treasury bonds due on October 15, 2025, with a yield of 2.76%, €198 million were purchased.
In Treasury bonds due on July 21, 2026, 249 million bonds were repurchased at an interest rate of 2.61%.
Finally, issuing treasury bonds maturing on April 14, 2027, IGCP purchased €150 million and the yield was set at 2.7%.
According to the IGCP page on Bloomberg, in today’s auction, 50 million euros were bought back from “OT 5.65% February 15, 2024” at a rate of 100.39%, 198 million euros from “OT 2.875% October 15, 2025” at a rate of 100.199%, and 249 million euros from “OT 2.875% on July 21, 2026” by 100.65% and 150 million euros from “OT 4.125% on April 14, 2027” by 100.49%.
In the previous trip to the market, on October 10, IGCP exchanged €641 million in OT with maturities in 2024, 2025 and 2027 for others maturing in 2027 and 2030.
In this exchange offer, €250 million were repurchased at “OT 5.65% 15 Feb 2024” at 100.624%, €295 million at “OT 2.875% 15 October 2025” at 99.464% and €96 million at “OT 4.125% 14 April 2027” were repurchased. “by 103.056%.
In contrast, IGCP sold €280 million in “OT 0.7% October 15, 2027” by 91.18% and €361 million in “OT 3.875% February 15, 2030” by 103.37%.
Previously, this year, IGCP made at least two offers to exchange OT: in the first, on June 28, it extended the maturity of €875 million in OT with maturities from 2025, 2026 and 2027 to 2032 and 2052.
In the other exchange offer, on May 10, IGCP exchanged €875 million in OT with maturities in 2024 and 2027 for others maturing in 2032 and 2042.
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