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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 35 159 216 589 276
USD 1 4 500 000 000
CNY 1 2 000 000 000
municipal
EUR 6 814 500 000
corporate
EUR 148 53 136 031 720
USD 3 2 500 000 000
MXN 1 271 759 500
JPY 1 10 000 000 000
GBP 1 325 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
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 ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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 ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Banco Comercial Portugues, FRN 27mar2030, EUR - Domestic bonds PTBIT3OM0098 3.871% 450 000 000  EUR 09/27/2019 03/27/2030
Portugal, BT 18sep2020 12m - Domestic bonds PTPBTGGE0035 0% 1 900 000 000  EUR 09/18/2019 09/18/2020
Mota-Engil SGPS, 0% 28oct2019, EUR (94D) - Domestic bonds PTME1OJM0047 0% 7 000 000  EUR 07/26/2019 10/28/2019
Autonomous Region Azores, 1.006% 15jun2029, EUR - Domestic bonds PTRAACOM0013 1.006% 223 500 000  EUR 07/23/2019 06/15/2029
Efacec, 4.5% 23jul2024, EUR - Domestic bonds PTEFWAOM0001 4.5% 58 000 000  EUR 07/23/2019 07/23/2024
Portugal, BT 17jul2020 12m - Domestic bonds PTPBTFGE0044 0% 1 750 000 000  EUR 07/17/2019 07/17/2020
Jose de Mello Saude, 0% 15jan2020, EUR (189D) - Domestic bonds PTJLLMJM0004 0% 5 900 000  EUR 07/10/2019 01/15/2020
Jose de Mello Saude, 0% 14nov2019, EUR (127D) - Domestic bonds PTJLLLJM0005 0% 11 000 000  EUR 07/10/2019 11/14/2019
TAGUS Sociedade de Titularizacao de Creditos S.A., 0.7% 12feb2024, EUR (ABS) - Domestic bonds PTTGCEOM0011 0.7% 475 000 000  EUR 07/03/2019 02/12/2024
Mota-Engil SGPS, 0% 17jun2020, EUR (364D) - Domestic bonds PTME1FJM0048 0% 1 500 000  EUR 06/19/2019 06/17/2020

GDP

Yearly indices

Type: 2018 2017 2016 2015
Government debt-to-GDP (Western Europe)
[15355] Government Debt to GDP(Portugal) 121.50 125.70 130.40 129.00

Historical yields

Daily indices

Type: 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019
10Y Government Bond Yields, Western Europe
[24285] Portugal 10Y YTM 0.197 0.177 0.199 0.182 0.182 0.211 0.203
show other indices

International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
DM international bonds outstanding volume
[11401] Portugal sovereign international bonds, USD bln 4.609 4.610 4.611 4.614 4.612 4.612 4.500
[11399] Portugal corporate international bonds, USD bln 13.085 13.163 13.230 13.514 13.670 14.360 14.983
show other indices

Inflation

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Inflation (Western Europe)
[15715] Inflation Rate (Portugal) -0.10 -0.10 -0.30 0.40 0.40 0.80 0.85
show other indices

Historical yields (monthly)

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Yields for Western Europe long-term domestic bonds
[4285] Portugal 10Y Government Bond Yield  0.20 0.17 0.45 0.59 1.02 1.18 1.34
show other indices

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 10/18/2019 ***.** *.** 10/18/2019 ***.* *.**
Banco Espirito Santo, 5.58% perp., EUR   EUR 10/18/2019 *.*** * 10/18/2019 *.** *
Energias de Portugal, 0% 12nov2023, EUR (5478D)   EUR 11/12/2023 10/18/2019 **.*** *.** 10/18/2019 **.*** *.**
Energias de Portugal, 1.875% 29sep2023, EUR   EUR 09/29/2023 10/18/2019 ***.** *.** 10/18/2019 ***.** *.**
Energias de Portugal, 2% 22apr2025, EUR   EUR 04/22/2025 10/18/2019 ***.** *.** 10/18/2019 ***.** *.**
Energias de Portugal, 2.625% 18jan2022, EUR   EUR 01/18/2022 10/18/2019 ***.*** *.** 10/18/2019 ***.** -*
Energias de Portugal, 3.625% 15jul2024, USD   USD 07/15/2024 10/18/2019 ***.*** *.** 10/18/2019 ***.** *.*
Energias de Portugal, 4.125% 15jan2020, USD   USD 01/15/2020 10/18/2019 **.** *.** 10/18/2019 ***.** *.**
Energias de Portugal, 4.125% 29jun2020, EUR   EUR 06/29/2020 10/18/2019 ***.** -*.** 10/18/2019 ***.** -*.**
Energias de Portugal, 4.875% 14sep2020, EUR   EUR 09/14/2020 10/18/2019 ***.** -*.** 10/18/2019 ***.** -*.**
Energias de Portugal, 5.25% 14jan2021, USD   USD 01/14/2021 10/18/2019 ***.** *.** 10/18/2019 ***.** *.*
Energias de Portugal, 8.625% 4jan2024, GBP   GBP 01/04/2024 10/18/2019 ***.*** *.** 10/18/2019 ***.*** *.**
ESFG, 5.753% perp., EUR   EUR 10/18/2019 *.** * 10/18/2019 *.** *
Novo Banco, 0% 12feb2049, EUR (12784D)   EUR 02/12/2049 10/18/2019 **.* *.** 10/18/2019 **.** *.**
Novo Banco, 0% 13jul2043, EUR (12418D)   EUR 07/13/2043 10/18/2019 **.** *.** 10/18/2019 **.** *.**
Novo Banco, 0% 13jul2044, EUR (12784D)   EUR 07/13/2044 10/18/2019 **.* *.** 10/18/2019 ** *.**
Novo Banco, 0% 16apr2046, EUR (11688D)   EUR 04/16/2046 10/18/2019 **.** *.** 10/18/2019 **.** *.**
Novo Banco, 0% 19feb2049, EUR (12784D)   EUR 02/19/2049 10/18/2019 **.** *.** 10/18/2019 **.** *.**
Novo Banco, 0% 27feb2051, EUR (13514D)   EUR 02/27/2051 10/18/2019 **.** *.** 10/18/2019 **.** *.**
Novo Banco, 0% 2oct2048, EUR (12784D)   EUR 10/02/2048 10/18/2019 **.*** *.** 10/18/2019 **.*** *.**
Novo Banco, 0% 30jul2040, EUR (11323D)   EUR 07/30/2040 10/18/2019 **.**** *.** 10/18/2019 **.*** *.**
Novo Banco, 0% 30jul2041, EUR (11688D)   EUR 07/30/2041 10/18/2019 **.* *.** 10/18/2019 **.** *.**
Novo Banco, 0% 30jul2042, EUR (12053D)   EUR 07/30/2042 10/18/2019 **.*** *.** 10/18/2019 **.*** *.**
Novo Banco, 0% 3apr2048, EUR (12419D)   EUR 04/03/2048 10/18/2019 **.* *.** 10/18/2019 **.** *.**
Novo Banco, 0% 6mar2051, EUR (13514D)   EUR 03/06/2051 10/18/2019 **.* *.** 10/18/2019 **.* *.**
Novo Banco, 0% 9apr2052, EUR (13880D)   EUR 04/09/2052 10/18/2019 **.** *.** 10/18/2019 **.** *.**
Novo Banco, 3.5% 18mar2043, EUR   EUR 03/18/2043 10/18/2019 **.** *.** 10/18/2019 ***.** *.**
Novo Banco, 3.5% 19feb2043, EUR   EUR 02/19/2043 10/18/2019 **.** *.** 10/18/2019 ***.** *.**
Novo Banco, 3.5% 23jan2043, EUR   EUR 01/23/2043 10/18/2019 **.** *.** 10/18/2019 ***.* *.**
Novo Banco, 3.5% 2jan2043, EUR   EUR 01/02/2043 10/18/2019 **.** *.** 10/18/2019 ***.** *.**
Novo Banco, 6% 7feb2035, EUR   EUR 02/07/2035 10/18/2019 ** * 10/18/2019 **.* *
Parpublica SGPS, 3.567% 22sep2020, EUR   EUR 09/22/2020 10/18/2019 ***.** *.** 10/18/2019 ***.*** -*.**
Redes Energeticas Nacionais (REN), 1.75% 18jan2028, EUR   EUR 01/18/2028 10/18/2019 ***.** *.** 10/18/2019 *** *.**
Redes Energeticas Nacionais (REN), 2.5% 12feb2025, EUR   EUR 02/12/2025 10/18/2019 ***.**** *.** 10/18/2019 ***.**** *.*
Redes Energeticas Nacionais (REN), 4.75% 16oct2020, EUR   EUR 10/16/2020 10/18/2019 ***.** -*.** 10/18/2019 ***.*** -*.**
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