Government Debt Monthly Bulletin, March 2017, IGCP

Page created: Friday, 24 March 2017 16:15GMT

Press Release:  24 March 2017 - 5 Page(s)
Bonds  Cost of Debt  Government  Interest  Public Debt   Yields

Evolution of the State direct debt

As of February 28, 2017 the Portuguese State direct debt amounted to EUR 240,549 million, increasing 0.7% vis-à-vis the end of the previous month. This variation was mainly influenced by the increment of the outstanding of PBG, explained by the auctions of OT 2.2% OCT2022 (amounting to EUR 665 million) and of OT 5.65% FEB2024 (amounting to EUR 636 million), which more than compensated the bilateral buybacks of OT 4.35% OCT2017 (with a nominal value of EUR 98 million) and OT 4.45%JUN2018 (with a nominal value of EUR 134 million), as well as by the increment of the stock of Tbills, as 2 auctions were held, amounting to EUR 279 million (in the 3-month line BT 19MAY2017) and EUR 1,001 million (in the 11-month line BT 19JAN2018). On the other hand, there was an early reimbursement of the IMF loan amounting to SDR 1,332 million (equivalent to EUR 1,703 million) and the partial anticipated redemption of an MTN (BND EUR OCT2022) amounting to EUR 54 million. The outstanding of Saving certificates (CA) decreased by EUR 165 million and the outstanding of Treasury certificates (CT) maintained a positive contribution, increasing by EUR 375 million. The stock of CEDIC increased by EUR 451 million, while the stock of CEDIM was kept unchanged. There was also an increase of the stock of Other non-tradable debt amounting to EUR 125 million, on the back of the debt assumption of Carris (amounting EUR 203 million, of which EUR 78 million were already redeemed in February). The stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, increased by EUR 97 million. Exchange rate fluctuations increased the debt outstanding by EUR 246 million.

The debt after cross-currency hedges stood at EUR 238,209 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 2,340 million). Compared with the previous month, the debt after cross-currency hedges increased 0.6%.