Government Debt Monthly Bulletin, January 2017, IGCP

Page created: Wednesday, 25 January 2017 11:12GMT

Press Release:  25 January 2017 - 5 Page(s)
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Bonds  Debt  Government  Public Debt   Yields

Evolution of the State direct debt

As of December 31, 2016 the Portuguese State direct debt amounted to EUR 236,283 million, decreasing 0.5% vis-à-vis the end of the previous month. The variation in the debt stock was mainly due to an early reimbursement of the IMF loan amounting to SDR 356 million (equivalent to EUR 457 million); a reduction of the PGB stock explained by bilateral buybacks of OT 4.35% Oct2017 (with a nominal value of EUR 133 million) and OT4.45%JUN2018 (with a nominal value of EUR 20 million); and a reduction of the Tbills stock, in result of anticipated partial redemptions of BT20JAN2017 and BT17MAR2017 (amounting to EUR 35 million and 259 million, respectively). Additionally, the stock of CEDIC decreased by EUR 732 million. The outstanding of Saving certificates (CA) decreased by EUR 25 million and the outstanding of Treasury certificates (CT) maintained a positive contribution, increasing by EUR 313 million. The stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, increased by EUR 49 million. Exchange rate fluctuations increased the debt outstanding by EUR 71 million.

The debt after cross-currency hedges stood at EUR 233,921 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 2,362 million). Compared with the previous month, the debt after cross-currency hedges decreased 0.5%.