Government Debt Monthly Bulletin, August 2016, IGCP

Page created: Thursday, 25 August 2016 13:39GMT | Updated: Thursday, 25 August 2016 13:43GMT

Press Release:  25 August 2016 - 5 Page(s)
Government Debt  IGCP   Monthly Bulletin

Evolution of the State direct debt

As of July 31, 2016 the Portuguese State direct debt amounted to EUR 235,993 million, increasing 0.5% vis-à-vis the end of the previous month. This variation was mainly influenced by the increment in the outstanding of PBG, explained by the auctions of OT 2.2% OCT2022 (amounting to EUR 581 million) and of OT 2.875% JUL2026 (amounting to EUR 693 million). There were also an exchange offer of OT maturing in 2017, 2018 and 2019, amounting to EUR 1,012 million, for OT with redemption dates in 2025 and 2037, totalizing EUR 1,067 million (nominal value), and bilateral buybacks of OT 4.35% OCT2017, amounting to EUR 242 million. Moreover, 2 Treasury bills (BT) auctions were held, amounting to EUR 544 million (in the 6-month line BT 20JAN2017) and EUR 1,360 million (in the 12-month line BT 21JUL2017), which partially compensated the redemption of BT 22JUL2016 (EUR 2,885 million). The outstanding of Saving certificates (CA) and Treasury certificates (CT) also maintained a positive contribution (increasing by EUR 20 million and EUR 254 million, respectively). The amount of CEDIC outstanding increased by EUR 569 million. On the other hand the stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, was almost kept unchanged (increased  EUR 1 million). Exchange rate fluctuations decreased the debt outstanding by EUR 97 million.


The debt after cross-currency hedges stood at EUR 234,049 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 1,945 million). Compared with the previous month, the debt after cross-currency hedges increased 0.6%.