Government Debt Monthly Bulletin, May 2016, IGCP

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Report:  24 May 2016 - 5 Page(s)
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IGCP, E.P.E. Monthly Bulletin

As of April 30, 2016 the Portuguese State direct debt amounted to EUR 230,269 million, increasing 1.3% vis-à-vis the end of the previous month. This variation was mainly due to the syndicated tap of OT 2.2% OCT2022 (amounting to EUR 1,000 million) and OT 4.1% FEB2045 (with a nominal value of EUR 500 million). This increase was partially compensated by the bilateral buyback of OT 4.75% JUN2019 (nominal value EUR 50 million). Moreover, 2 Treasury Bills (BT) auctions were held, amounting to EUR 300 million (in the 3-months line BT 22JUL2016) and EUR 800 million (in the 11 months line BT 17MAR2017). The outstanding of Saving certificates (CA) and Treasury certificates (CT) also maintained a positive contribution (increasing by EUR 17 million and EUR 298 million, respectively). Additionally, the amount of CEDIC outstanding decreased (by EUR 145 million), on the other hand the stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, increased by EUR 156 million. Exchange rate fluctuations increased the debt outstanding by EUR 79 million.

The debt after cross-currency hedges stood at EUR 228,557 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 1,712 million). Compared with the previous month, the debt after cross-currency hedges increased 1.3%.