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Portugal: bonds

The Obrigações do Tesouro (OT) are the main instrument used by the Republic of Portugal to satisfy its borrowing requirements. OT are medium- and long-term book-entry securities issued by syndication, auction or by tap with:

- maturities of between 1 and 50 years;

- bearing a fixed interest rate coupon or not (zero coupon);

- redeemable on maturity at nominal value

- with the possibility of stripping.

All OT lines are admitted to trading on the Special Market for Public Debt (MEDIP managed by MTS Portugal). Larger-sized OT lines are also listed on the EuroMTS platform.

The placement of OT in the primary market is ensured by a group of financial institutions with the status of Primary Dealers (OEVT) or Other Auction Participants (OMP). Both OEVT and OMP have to participate in MEDIP, according to this status, and the OEVT have the obligation of promoting the liquidity of the secondary market.

Since their creation in 1985 the Bilhetes do Tesouro (BT) were also an important source of State funding and of monetary intervention.

Portugal is currently under an Economic and Financial Assistance Programme (EFAP) and therefore not issuing Medium and Long Term Bonds.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 32 151 220 800 276
USD 1 4 500 000 000
municipal
EUR 5 591 000 000
corporate
EUR 160 58 734 589 400
USD 5 3 600 000 000
JPY 1 10 000 000 000
GBP 1 325 000 000
CHF 1 125 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Portugal, BT 20sep2019 12m - Domestic bonds PTPBTDGE0038 0% 2 055 750 000  EUR 09/19/2018 09/20/2019
Bih - Belmont Infrastructure Holding, 4.02% 4sep2025, EUR - Domestic bonds PTOTLAOM0006 4.02% 100  EUR 09/04/2018 09/04/2025
Portugal, BT 19jul2019 12m - Domestic bonds PTPBT6GE0017 0% 2 269 213 000  EUR 07/18/2018 07/19/2019
Portugal, FRN 23jul2023, EUR - Domestic bonds PTOTVMOE0000 6m euribor+1% 1 000 000 000  EUR 07/18/2018 07/23/2025
Novo Banco, 8.5% 6jul2028, EUR - Domestic bonds PTNOBFOM0017 8.5% 400 000 000  EUR 07/06/2018 07/06/2028
Caixa Geral de Depositos, 5.75% 28jun2028, EUR (Conv.) - Domestic bonds PTCGDKOM0037 5.75% 500 000 000  EUR 06/28/2018 06/28/2028
Portugal, BT 17may2019 12m - Domestic bonds PTPBT5GE0034 0% 2 232 000 000  EUR 05/16/2018 05/17/2019
NOS SGPS, 1.125% 2may2023, EUR - Domestic bonds PTNOSFOM0000 1.125% 300 000 000  EUR 05/02/2018 05/02/2023
Portugal, OT 2.25 18apr2034, EUR (15Y) - Domestic bonds PTOTEWOE0017 2.25% 3 300 000 000  EUR 04/11/2018 04/18/2034
Portugal, BT 22mar2019 12m - Domestic bonds PTPBT4GE0035 0% 2 309 300 000  EUR 03/21/2018 03/22/2019

World Bond Market Indicators

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
EU Long-term interest rates
Portugal, %   1.88 1.82 1.76 1.87 1.84 1.66 1.79
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World Bond market statistics

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
Domestic govt Bonds markets (Peripherial Europe)
Portuguese govt Bonds outst., EUR bln (without Bills) 138.99 136.99 134.99 131.04 137.64 136.43 136.43
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of developed countries
Portugese international bonds, USD bln 64.700 60.300 60.500 57.800 52.800 56.200 66.800
BIS net issues of international-bond market of developed countries
International-bond net issue of Portugal, USD bln 2.600 -1.200 0.700 1.400 4.100 7.300 1.100

Developed Markets International Bonds

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
International bonds Developed Markets
Portugal sovereign international bonds, USD bln 4.500 4.500 4.500 4.500 4.500 4.500 4.500
Portugal corporate international bonds, USD bln 17.855 17.849 21.083 21.722 22.226 22.864 27.025
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Credit Risk Indicators

Daily indices

Type: 05/14/2018 04/04/2018 04/03/2018 03/02/2018 03/01/2018 02/27/2018 02/21/2018
CDS Developed markets (sov.) 
CDS 5Y Portugal mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Portugal) 1.40 1.20 1.60 1.50 1.00 0.40 0.70
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Yearly indices

Type 2017 2016 2015
Government Debt to GDP (World), %
Government Debt to GDP(Portugal) 125.70 130.40 129.00

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Portugal, 5.125% 15oct2024, USD   USD 10/15/2024 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Amorim, 3.375% 3jun2018, EUR (Conv.)   EUR 06/03/2018 05/18/2016 ***.** *.* 05/18/2016 ***.** *
Banco Comercial Portugues, FRN 21dec2016, EUR   EUR 12/21/2016 05/18/2016 ** * 05/18/2016 **.* *
Banco Comercial Portugues, FRN 24jan2017, EUR   EUR 01/24/2017 05/18/2016 **.**** * 05/18/2016 **.**** *
Banco Espirito Santo, 0% 13jul2043, EUR (12418D)   EUR 07/13/2043 05/18/2016 *.** *.** 05/18/2016 ** *.*
Banco Espirito Santo, 0% 13jul2044, EUR (12784D)   EUR 07/13/2044 05/18/2016 *.** *.** 05/18/2016 **.** *.**
Banco Espirito Santo, 0% 30jul2041, EUR (11688D)   EUR 07/30/2041 05/18/2016 * **.** 05/18/2016 ** *.**
Banco Espirito Santo, 4.5% perp., EUR   EUR 05/18/2016 **.* * 05/18/2016 **.** *
Banco Espirito Santo, 5.58% perp., EUR   EUR 05/18/2016 *.** * 05/18/2016 * *
Banco Espirito Santo, 6% 7feb2035, EUR   EUR 02/07/2035 05/18/2016 **.** * 05/18/2016 **.** *
Banco Espirito Santo, 6.625% perp., EUR   EUR 05/18/2016 *.* * 05/18/2016 **.** *
Banco Espirito Santo, 6.875% 21oct2019, EUR   EUR 10/21/2019 05/18/2016 *.* ***.** 05/18/2016 **.*** *.**
Empresa de Desenvolvimento Mineiro (EDM), FRN 21nov2018, EUR   EUR 11/21/2018 05/18/2016 **.*** * 05/18/2016 ***.*** *
Energias de Portugal, 0% 12nov2023, EUR (5478D)   EUR 11/12/2023 05/18/2016 **.*** *.** 05/18/2016 **.*** *.*
Energias de Portugal, 2% 22apr2025, EUR   EUR 04/22/2025 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Energias de Portugal, 2.625% 15apr2019, EUR   EUR 04/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Energias de Portugal, 2.625% 18jan2022, EUR   EUR 01/18/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Energias de Portugal, 4% 29nov2018, CHF   CHF 11/29/2018 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Energias de Portugal, 4.125% 15jan2020, USD   USD 01/15/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Energias de Portugal, 4.125% 20jan2021, EUR   EUR 01/20/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Energias de Portugal, 4.125% 29jun2020, EUR   EUR 06/29/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Energias de Portugal, 4.625% 13jun2016, EUR   EUR 06/13/2016 05/18/2016 ***.* *.** 05/18/2016 ***.** -*.**
Energias de Portugal, 4.75% 26sep2016, EUR   EUR 09/26/2016 05/18/2016 ***.* *.* 05/18/2016 ***.* *.**
Energias de Portugal, 4.875% 14sep2020, EUR   EUR 09/14/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Energias de Portugal, 4.9% 1oct2019, USD   USD 10/01/2019 05/18/2016 ***.* *.** 05/18/2016 ***.** *.*
Energias de Portugal, 5.25% 14jan2021, USD   USD 01/14/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Energias de Portugal, 5.75% 21sep2017, EUR   EUR 09/21/2017 05/18/2016 ***.*** *.* 05/18/2016 ***.** *.**
Energias de Portugal, 6% 2feb2018, USD   USD 02/02/2018 05/18/2016 ***.** *.** 05/18/2016 *** *.*
Energias de Portugal, 6.625% 9aug2017, GBP   GBP 08/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Energias de Portugal, 8.625% 4jan2024, GBP   GBP 01/04/2024 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Metropolitano de Lisboa, 7.42% 15oct2016, USD   USD 10/15/2016 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Novo Banco, 0% 12feb2049, EUR (12784D)   EUR 02/12/2049 05/18/2016 *.** *.** 05/18/2016 ** *.**
Novo Banco, 0% 13mar2048, EUR (12419D)   EUR 03/13/2048 05/18/2016 * *.** 05/18/2016 ** *.**
Novo Banco, 0% 16apr2046, EUR (11688D)   EUR 04/16/2046 05/18/2016 *.** *.** 05/18/2016 ** *.**
Novo Banco, 0% 19feb2049, EUR (12784D)   EUR 02/19/2049 05/18/2016 *.** *.** 05/18/2016 ** *.**
Novo Banco, 0% 22jan2049, EUR (12784D)   EUR 01/22/2049 05/18/2016 *.** *.** 05/18/2016 **.* *.**
Novo Banco, 0% 25mar2050, EUR (13149D)   EUR 03/25/2050 05/18/2016 *.** *.** 05/18/2016 ** *.*
Novo Banco, 0% 27feb2051, EUR (13514D)   EUR 02/27/2051 05/18/2016 *.** *.* 05/18/2016 ** *.**
Novo Banco, 0% 27mar2047, EUR (12053D)   EUR 03/27/2047 05/18/2016 *.** *.* 05/18/2016 ** *.**
Novo Banco, 0% 29jan2049, EUR (12784D)   EUR 01/29/2049 05/18/2016 *.* *.** 05/18/2016 **.* *.**
Novo Banco, 0% 2oct2048, EUR (12784D)   EUR 10/02/2048 05/18/2016 *.** *.** 05/18/2016 ** *.**
Novo Banco, 0% 30jul2040, EUR (11323D)   EUR 07/30/2040 05/18/2016 ** *.** 05/18/2016 ** *.**
Novo Banco, 0% 3apr2048, EUR (12419D)   EUR 04/03/2048 05/18/2016 * *.* 05/18/2016 ** *.**
Novo Banco, 0% 5feb2049, EUR (12784D)   EUR 02/05/2049 05/18/2016 *.* *.** 05/18/2016 **.* *.**
Novo Banco, 0% 6mar2051, EUR (13514D)   EUR 03/06/2051 05/18/2016 *.** *.* 05/18/2016 *.* *.**
Novo Banco, 0% 9apr2052, EUR (13880D)   EUR 04/09/2052 05/18/2016 *.** *.** 05/18/2016 **.* *.**
Novo Banco, 3% 21jun2022, USD   USD 06/21/2022 05/18/2016 **.* **.** 05/18/2016 ** **.**
Novo Banco, 3.5% 18mar2043, EUR   EUR 03/18/2043 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Novo Banco, 3.5% 19feb2043, EUR   EUR 02/19/2043 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Novo Banco, 3.5% 23jan2043, EUR   EUR 01/23/2043 05/18/2016 ** *.** 05/18/2016 ** *.**
Novo Banco, 3.5% 2jan2043, EUR   EUR 01/02/2043 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Novo Banco, 5% 14may2019, EUR   EUR 05/14/2019 05/18/2016 **.* **.** 05/18/2016 **.* **.*
Novo Banco, 5% 15mar2022, EUR   EUR 03/15/2022 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Novo Banco, 5% 21may2019, EUR   EUR 05/21/2019 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Novo Banco, 5% 23apr2019, EUR   EUR 04/23/2019 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Novo Banco, 5% 24feb2022, EUR   EUR 02/24/2022 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Novo Banco, 5% 4apr2019, EUR   EUR 04/04/2019 05/18/2016 **.* **.** 05/18/2016 **.** **.**
Novo Banco, 5.75% 28jun2017, EUR   EUR 06/28/2017 05/18/2016 **.* **.** 05/18/2016 **.* *.**
Parpublica SGPS, 3.567% 22sep2020, EUR   EUR 09/22/2020 05/18/2016 *** *.** 05/18/2016 *** -*.**
Portugal Telecom, 4.375% 24mar2017, EUR   EUR 03/24/2017 05/18/2016 **.** ***.** 05/18/2016 **.** ***.**
Portugal Telecom, 5.242% 6nov2017, EUR   EUR 11/06/2017 05/18/2016 ** ***.* 05/18/2016 **.** ***.**
Portugal Telecom, 5.875% 17apr2018, EUR   EUR 04/17/2018 05/18/2016 **.** ***.** 05/18/2016 **.** ***.**
Redes Energeticas Nacionais (REN), 2.5% 12feb2025, EUR   EUR 02/12/2025 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Redes Energeticas Nacionais (REN), 4.75% 16oct2020, EUR   EUR 10/16/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Sonae, 1.625% 11jun2019, EUR (Conv.)   EUR 06/11/2019 05/18/2016 **.** *.** 05/18/2016 **.** *.**
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