In the first operation of the year, Portugal collected €3 billion of long-term debt
The Treasury returned this Wednesday to the market with a syndicated operation at six euros that would pay the obligation to pay 3 million more euros in 2042, than the long-term debt due in 2042.
Demand exceeded 20 billion euros and the State ended up paying a rate of remuneration of 1.2%, in the interval between income Registered on the secondary market in the other two with a longer term, 0.87% for the obligation maturing in 2037 and 1.47% for the line maturing in 2052.
This is the first medium and long-term debt financing operation of the year, which the Treasury and Public Debt Management Agency (IGCP) estimates in a gross bond issue order of around 17.7 billion euros. .
In the financing program for 2022, the IGCP also foresees a second operation indicated. Analysts admit that, in the next one, it will be the launch of a new reference to 0 years.
“IGCP surprised the market by holding an auction 20 years ago, when it was expecting a new reference to Portugal for 10 years. However, demand turned out to be very strong, at a time when we are witnessing a general rise in the risk premiums of European sovereign debts”, refers Filipe Silva, Investment Director at Banco Carregosa, who adds: “IGCP ends for taking even lower interest rates to issue a long-term issue with a risk premium lower than the average cost of the national debt”.
It should be noted that the German Treasury went to the market on Wednesday placed in 30-year debt, having paid investors a rate of 0.28%, much higher than the 0.08% paid in the previous operation.
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