Government Debt Monthly Bulletin, July 2016, IGCP

Page created: Wednesday, 27 July 2016 11:00GMT | Updated: Wednesday, 27 July 2016 12:16GMT

Press Release:  27 July 2016 - 5 Page(s)
Government Debt  IGCP   Monthly Bulletin

As of June 30, 2016 the Portuguese State direct debt amounted to EUR 234,746 million, increasing 0.8% 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 3.85% APR2021 (amounting to EUR 627 million) and of OT 2.875% OCT2025 (amounting to EUR 439 million). There were also bilateral buybacks of OT 4.45% JUN2018, amounting to EUR 28 million. Moreover, 2 Treasury bills (BT) auctions were held, amounting to EUR 245 million (in the 3-month line BT 23SEP2016) and EUR 754 million (in the 11-month line BT 19MAY2017), which more than compensated the bilateral buyback of BT 22JUL2016 (EUR 110 million). The outstanding of Saving certificates (CA) and Treasury certificates (CT) also maintained a positive contribution (increasing by EUR 10 million and EUR 245 million, respectively).On the other hand, the amount of CEDIC outstanding decreased by EUR 384 million. The stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, increased by EUR 104 million. Exchange rate fluctuations increased the debt outstanding by EUR 52 million.The debt after cross-currency hedges stood at EUR 232,762 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 1,984 million). Compared with the previous month, the debt after cross-currency hedges increased 0.8%.