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 27 143 771 697 922
USD 1 4 500 000 000
municipal
EUR 3 243 000 000
corporate
EUR 192 67 021 563 570
USD 6 3 800 000 000
GBP 2 525 000 000
CHF 1 125 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Portugal, BT 16mar2018 12m - Domestic bonds PTPBTZGE0024 0% 1 055 799 000  EUR 03/15/2017 03/16/2018
Banco BPI, FRN 22feb2024, EUR - Domestic bonds PTBBBGOE0023 3M LIBOR USD + 1% 700 000 000  EUR 02/20/2017 02/22/2024
Energias de Portugal, 1.875% 29sep2023, EUR - International bonds XS1558083652 1.875% 600 000 000  EUR 01/24/2017 09/29/2023
Portugal, BT 19jan2018 12m - Domestic bonds PTPBTBGE0030 0% 2 663 990 000  EUR 01/18/2017 01/19/2018
Autonomous region Madeira, FRN 27dec2022, EUR - Domestic bonds PTRAMVOE0008 6m EURIBOR + 3.403% 75 000 000  EUR 01/11/2017 12/27/2022
Portugal, OT 4.125 14apr2027 - Domestic bonds PTOTEUOE0019 4.125% 3 000 000 000  EUR 01/11/2017 04/14/2027
Banco Santander Totta, 0.969% 19dec2023, EUR - Domestic bonds PTBSRGOE0026 0.969% 1 750 000 000  EUR 12/19/2016 12/19/2023
Caixa Economica Montepio Geral, FRN 16dec2026, EUR - Domestic bonds PTCMGFOE0033 3M EURIBOR + 0.9% floor 0% 500 000 000  EUR 12/16/2016 12/16/2026
Caixa Economica Montepio Geral, FRN 16dec2022, EUR - Domestic bonds PTCMGLOE0043 3M EURIBOR + 0.75% floor 0% 500 000 000  EUR 12/16/2016 12/16/2022
Portugal, FRN 30nov2021 - Domestic bonds PTOTVIOE0006 6m EURIBOR + 2% 1 500 000 000  EUR 11/28/2016 11/30/2021

World Bond Market Indicators

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
EU Long-term interest rates
Portugal, % 4.04 3.95 3.74 3.51 3.33 3.26 2.91
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World Bond market statistics

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Domestic govt Bonds markets (Peripherial Europe)
Portuguese govt Bonds outst., EUR bln (without Bills) 118.73 117.42 114.42 112.92 112.06 114.90 113.08
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of developed countries
Portugese international bonds, USD bln 56.200 66.800 65.300 68.300 65.500 67.900 69.100
BIS net issues of international-bond market of developed countries
International-bond net issue of Portugal, USD bln 7.300 1.100 1.500 0.000 -0.600 -1.300 0.700

Developed Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
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 30.031 29.768 28.485 28.976 29.844 30.273 31.205
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Credit Risk Indicators

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/10/2017 03/09/2017
CDS Developed markets (sov.) 
CDS 5Y Portugal mid * * * * * * *
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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, 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 **.*** *.**
Banco Espirito Santo, FRN 07feb2035 (Fix-to-Float)   EUR 02/07/2035 05/18/2016 **.** * 05/18/2016 **.** *
Banco Espirito Santo, FRN perp. (Fix-to-Float)   EUR 05/18/2016 *.** * 05/18/2016 * *
Empresa de Desenvolvimento Mineiro (EDM), FRN 21nov2018   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% 23may2019, EUR   EUR 05/23/2019 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, 4.5% 16jun2025, EUR   EUR 06/16/2025 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Portugal Telecom, 4.625% 8may2020, EUR   EUR 05/08/2020 05/18/2016 **.* **.** 05/18/2016 **.** **.**
Portugal Telecom, 5% 4nov2019, EUR   EUR 11/04/2019 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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