As of October 31, 2016 the Portuguese State direct debt amounted to EUR 238,679 million, decreasing 0.5% vis-à-vis the end of the previous month. The variation in the debt stock was mainly due to the redemption of OT 4.2% Oct2016, with a nominal amount of EUR 4,088 million, which more than compensated the OT 3.85% Apr2021 auction with a nominal value of EUR 1,021 million. Additionally, the stock of CEDIC and CEDIM decreased by EUR 307 million and EUR 62 million, respectively. On the contrary, the stock of Tbills increased, as 2 Treasury bills (BT) auctions were held, amounting to EUR 356 million (in the 3-month line BT 20JAN2017) and EUR 1,011 million (in the 11-month line BT 22SEP2017). The outstanding of Saving certificates (CA) and Treasury certificates (CT) maintained a positive contribution, increasing by EUR 8 million and EUR 224 million, respectively. The stock of accounts payable of cash-collateral related with financial derivatives received by the Portuguese Republic, increased by EUR 353 million.Exchange rate fluctuations increased the debt outstanding by EUR 145 million.
The debt after cross-currency hedges stood at EUR 236,649 million, reflecting the favourable exchange rate effects of financial derivatives (amounting to EUR 2,030 million). Compared with the previous month, the debt after cross-currency hedges decreased 0.6%.