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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 36 165 459 971 276
USD 1 4 500 000 000
municipal
EUR 5 591 000 000
corporate
EUR 148 55 295 781 720
USD 5 3 600 000 000
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 ***
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 15may2020 12m - Domestic bonds PTPBTCGE0047 0% 1 000 000 000  EUR 05/15/2019 05/15/2020
Banco BPI, 0.25% 22mar2024, EUR - Domestic bonds PTBPIAOM0026 0.25% 500 000 000  EUR 03/22/2019 03/22/2024
Portugal, BT 20mar2020 12m - Domestic bonds PTPBTBGE0048 0% 2 287 535 000  EUR 03/20/2019 03/20/2020
INDAQUA, 2.908% 15mar2039, EUR - Domestic bonds PTIDQBOM0006 2.908% 227 000 000  EUR 03/15/2019 03/15/2039
Banco Comercial Portugues, 9.25% perp., EUR - Domestic bonds PTBCPFOM0043 9.25% 400 000 000  EUR 01/31/2019
Energias de Portugal, FRN 30apr2079, EUR - Domestic bonds PTEDPKOM0034 4.496% 1 000 000 000  EUR 01/30/2019 04/30/2079
Portugal, BT 17jan2020 12m - Domestic bonds PTPBTAGE0049 0% 2 100 000 000  EUR 01/16/2019 01/17/2020
Portugal, OT 1.95 5jun2029 - Domestic bonds PTOTEXOE0024 1.95% 6 967 000 000  EUR 01/09/2019 06/15/2029
SATA Air Acores, 2.711% 20dec2028, EUR - Domestic bonds PTSAOAOM0000 2.711% 65 000 000  EUR 12/20/2018 12/20/2028
Caixa Geral de Depositos, FRN 19dec2029, EUR - Domestic bonds PTCGDLOM0028 3M Euribor + 0.6% 1 500 000 000  EUR 12/19/2018 12/19/2029

BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10241] Portugese international bonds, USD bln 62.300 62.600 64.700 60.300 60.500 57.800 52.800
BIS new international bonds volume
[10623] International-bond net issue of Portugal, USD bln 0.200 1.400 2.600 -1.200 0.700 1.400 4.100

Domestic bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Western Europe domestic bonds outstanding volume
[4365] Portuguese govt Bonds outst., EUR bln (without Bills) 154.12 148.60 147.35 138.35 138.35 136.79 135.79
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GDP

Yearly indices

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

Credit Default Swaps (CDS)

Daily indices

Type: 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/19/2019 05/17/2019 05/16/2019
CDS Portugal
[23573] CDS Portugal 5Y 63.2000 62.0000 63.6000 62.9000 62.9000 64.3000 65.7000
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Inflation

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Inflation (Western Europe)
[15715] Inflation Rate (Portugal) 0.90 1.00 1.40 1.20 1.60 1.50 1.00
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
DM international bonds outstanding volume
[11401] Portugal sovereign international bonds, USD bln 4.612 4.500 4.500 4.500 4.500 4.500 4.500
[11399] Portugal corporate international bonds, USD bln 14.360 14.983 15.155 15.213 15.203 16.425 16.903
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Historical yields (monthly)

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Yields for Western Europe long-term domestic bonds
[4285] Portugal, %   1.18 1.34 1.55 1.67 1.73 1.92 1.96
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 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, 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, 6.625% 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% 13jul2043, EUR (12418D)   EUR 07/13/2043 05/18/2016 *.** *.** 05/18/2016 ** *.*
Novo Banco, 0% 13jul2044, EUR (12784D)   EUR 07/13/2044 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% 30jul2041, EUR (11688D)   EUR 07/30/2041 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 **.* *.**
Novo Banco, 6% 7feb2035, EUR   EUR 02/07/2035 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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