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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

Moneda Outstanding bond issues Cumulative volume
Soberano
EUR 30 153 284 579 316
USD 1 4 500 000 000
Municipal
EUR 5 591 000 000
Corporativo
EUR 168 61 889 589 300
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.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
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
Portugal, BT 17may2019 12m - Bonos locales PTPBT5GE0034 0% 1 250 000 000  EUR 16/05/18 17/05/19
NOS SGPS, 1.125% 2may2023, EUR - Bonos locales PTNOSFOM0000 1.125% 300 000 000  EUR 02/05/18 02/05/23
Portugal, BT 22mar2019 12m - Bonos locales PTPBT4GE0035 0% 1 901 800 000  EUR 21/03/18 22/03/19
Portugal, BT 18jan2019 12m - Bonos locales PTPBT3GE0036 0% 2 050 000 000  EUR 17/01/18 18/01/19
Redes Energeticas Nacionais (REN), 1.75% 18jan2028, EUR - Bonos internacionales XS1753814737 1.75% 300 000 000  EUR 11/01/18 18/01/28
Portugal, OT 17oct2028 - Bonos locales PTOTEVOE0018 2.125% 6 279 042 000  EUR 10/01/18 17/10/28
Banco Santander Totta, 1.201% 7dec2027, EUR - Bonos locales PTBSRKOM0020 1.201% 750 000 000  EUR 07/12/17 07/12/27
Banco Comercial Portugues, 4.5% 7dec2027, EUR - Bonos locales PTBCPWOM0034 4.5% 300 000 000  EUR 29/11/17 07/12/27
Portugal, FRN 05dec2022, EUR - Bonos locales PTOTVLOE0001 6m euribor+1.1% 1 300 000 000  EUR 29/11/17 05/12/22
Galp Energia, 1% 15feb2023, EUR - Bonos locales PTGALLOM0004 1% 500 000 000  EUR 15/11/17 15/02/23

World Bond Market Indicators

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
EU Long-term interest rates
Portugal, %   1.66 1.79 2.03 1.85 1.83 1.98 2.32
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World Bond market statistics

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Domestic govt Bonds markets (Peripherial Europe)
Portuguese govt Bonds outst., EUR bln (without Bills) 136.43 136.43 135.99 123.90 119.90 118.78 117.53
show other indices

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of developed countries
Portugese international bonds, USD bln 52.800 56.200 66.800 65.300 68.300 65.500 67.900
BIS net issues of international-bond market of developed countries
International-bond net issue of Portugal, USD bln 4.100 7.300 1.100 1.500 0.000 -0.600 -1.300

Developed Markets International Bonds

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
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 22.864 27.025 27.822 28.791 27.599 27.986 27.778
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Credit Risk Indicators

Daily indices

Type: 14/05/18 04/04/18 03/04/18 02/03/18 01/03/18 27/02/18 21/02/18
CDS Developed markets (sov.) 
CDS 5Y Portugal mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Portugal) 0.40 0.70 0.60 1.00 1.50 1.50 1.40
show other indices

Yearly indices

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

Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Portugal, 5.125% 15oct2024, USD   USD 15/10/24 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Amorim, 3.375% 3jun2018, EUR (Conv.)   EUR 03/06/18 18/05/16 ***.** *.* 18/05/16 ***.** *
Banco Comercial Portugues, FRN 21dec2016, EUR   EUR 21/12/16 18/05/16 ** * 18/05/16 **.* *
Banco Comercial Portugues, FRN 24jan2017, EUR   EUR 24/01/17 18/05/16 **.**** * 18/05/16 **.**** *
Banco Espirito Santo, 0% 13jul2043, EUR (12418D)   EUR 13/07/43 18/05/16 *.** *.** 18/05/16 ** *.*
Banco Espirito Santo, 0% 13jul2044, EUR (12784D)   EUR 13/07/44 18/05/16 *.** *.** 18/05/16 **.** *.**
Banco Espirito Santo, 0% 30jul2041, EUR (11688D)   EUR 30/07/41 18/05/16 * **.** 18/05/16 ** *.**
Banco Espirito Santo, 4.5% perp., EUR   EUR 18/05/16 **.* * 18/05/16 **.** *
Banco Espirito Santo, 5.58% perp., EUR   EUR 18/05/16 *.** * 18/05/16 * *
Banco Espirito Santo, 6% 7feb2035, EUR   EUR 07/02/35 18/05/16 **.** * 18/05/16 **.** *
Banco Espirito Santo, 6.625% perp., EUR   EUR 18/05/16 *.* * 18/05/16 **.** *
Banco Espirito Santo, 6.875% 21oct2019, EUR   EUR 21/10/19 18/05/16 *.* ***.** 18/05/16 **.*** *.**
Empresa de Desenvolvimento Mineiro (EDM), FRN 21nov2018, EUR   EUR 21/11/18 18/05/16 **.*** * 18/05/16 ***.*** *
Energias de Portugal, 0% 12nov2023, EUR (5478D)   EUR 12/11/23 18/05/16 **.*** *.** 18/05/16 **.*** *.*
Energias de Portugal, 2% 22apr2025, EUR   EUR 22/04/25 18/05/16 **.** *.** 18/05/16 **.** *.**
Energias de Portugal, 2.625% 15apr2019, EUR   EUR 15/04/19 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
Energias de Portugal, 2.625% 18jan2022, EUR   EUR 18/01/22 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Energias de Portugal, 4% 29nov2018, CHF   CHF 29/11/18 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Energias de Portugal, 4.125% 15jan2020, USD   USD 15/01/20 18/05/16 ***.** *.** 18/05/16 ***.** *.*
Energias de Portugal, 4.125% 20jan2021, EUR   EUR 20/01/21 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Energias de Portugal, 4.125% 29jun2020, EUR   EUR 29/06/20 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Energias de Portugal, 4.625% 13jun2016, EUR   EUR 13/06/16 18/05/16 ***.* *.** 18/05/16 ***.** -*.**
Energias de Portugal, 4.75% 26sep2016, EUR   EUR 26/09/16 18/05/16 ***.* *.* 18/05/16 ***.* *.**
Energias de Portugal, 4.875% 14sep2020, EUR   EUR 14/09/20 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
Energias de Portugal, 4.9% 1oct2019, USD   USD 01/10/19 18/05/16 ***.* *.** 18/05/16 ***.** *.*
Energias de Portugal, 5.25% 14jan2021, USD   USD 14/01/21 18/05/16 ***.** *.** 18/05/16 ***.** *.*
Energias de Portugal, 5.75% 21sep2017, EUR   EUR 21/09/17 18/05/16 ***.*** *.* 18/05/16 ***.** *.**
Energias de Portugal, 6% 2feb2018, USD   USD 02/02/18 18/05/16 ***.** *.** 18/05/16 *** *.*
Energias de Portugal, 6.625% 9aug2017, GBP   GBP 09/08/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Energias de Portugal, 8.625% 4jan2024, GBP   GBP 04/01/24 18/05/16 ***.** *.** 18/05/16 ***.** *.*
Metropolitano de Lisboa, 7.42% 15oct2016, USD   USD 15/10/16 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
Novo Banco, 0% 12feb2049, EUR (12784D)   EUR 12/02/49 18/05/16 *.** *.** 18/05/16 ** *.**
Novo Banco, 0% 13mar2048, EUR (12419D)   EUR 13/03/48 18/05/16 * *.** 18/05/16 ** *.**
Novo Banco, 0% 16apr2046, EUR (11688D)   EUR 16/04/46 18/05/16 *.** *.** 18/05/16 ** *.**
Novo Banco, 0% 19feb2049, EUR (12784D)   EUR 19/02/49 18/05/16 *.** *.** 18/05/16 ** *.**
Novo Banco, 0% 22jan2049, EUR (12784D)   EUR 22/01/49 18/05/16 *.** *.** 18/05/16 **.* *.**
Novo Banco, 0% 25mar2050, EUR (13149D)   EUR 25/03/50 18/05/16 *.** *.** 18/05/16 ** *.*
Novo Banco, 0% 27feb2051, EUR (13514D)   EUR 27/02/51 18/05/16 *.** *.* 18/05/16 ** *.**
Novo Banco, 0% 27mar2047, EUR (12053D)   EUR 27/03/47 18/05/16 *.** *.* 18/05/16 ** *.**
Novo Banco, 0% 29jan2049, EUR (12784D)   EUR 29/01/49 18/05/16 *.* *.** 18/05/16 **.* *.**
Novo Banco, 0% 2oct2048, EUR (12784D)   EUR 02/10/48 18/05/16 *.** *.** 18/05/16 ** *.**
Novo Banco, 0% 30jul2040, EUR (11323D)   EUR 30/07/40 18/05/16 ** *.** 18/05/16 ** *.**
Novo Banco, 0% 3apr2048, EUR (12419D)   EUR 03/04/48 18/05/16 * *.* 18/05/16 ** *.**
Novo Banco, 0% 5feb2049, EUR (12784D)   EUR 05/02/49 18/05/16 *.* *.** 18/05/16 **.* *.**
Novo Banco, 0% 6mar2051, EUR (13514D)   EUR 06/03/51 18/05/16 *.** *.* 18/05/16 *.* *.**
Novo Banco, 0% 9apr2052, EUR (13880D)   EUR 09/04/52 18/05/16 *.** *.** 18/05/16 **.* *.**
Novo Banco, 3% 21jun2022, USD   USD 21/06/22 18/05/16 **.* **.** 18/05/16 ** **.**
Novo Banco, 3.5% 18mar2043, EUR   EUR 18/03/43 18/05/16 **.** *.** 18/05/16 **.** *.**
Novo Banco, 3.5% 19feb2043, EUR   EUR 19/02/43 18/05/16 **.** *.** 18/05/16 **.** *.**
Novo Banco, 3.5% 23jan2043, EUR   EUR 23/01/43 18/05/16 ** *.** 18/05/16 ** *.**
Novo Banco, 3.5% 2jan2043, EUR   EUR 02/01/43 18/05/16 **.** *.** 18/05/16 **.*** *.**
Novo Banco, 5% 14may2019, EUR   EUR 14/05/19 18/05/16 **.* **.** 18/05/16 **.* **.*
Novo Banco, 5% 15mar2022, EUR   EUR 15/03/22 18/05/16 **.** **.** 18/05/16 **.** **.**
Novo Banco, 5% 21may2019, EUR   EUR 21/05/19 18/05/16 **.** **.** 18/05/16 **.** **.**
Novo Banco, 5% 23apr2019, EUR   EUR 23/04/19 18/05/16 **.** **.** 18/05/16 **.** **.**
Novo Banco, 5% 24feb2022, EUR   EUR 24/02/22 18/05/16 **.* **.** 18/05/16 **.* **.**
Novo Banco, 5% 4apr2019, EUR   EUR 04/04/19 18/05/16 **.* **.** 18/05/16 **.** **.**
Novo Banco, 5.75% 28jun2017, EUR   EUR 28/06/17 18/05/16 **.* **.** 18/05/16 **.* *.**
Parpublica SGPS, 3.567% 22sep2020, EUR   EUR 22/09/20 18/05/16 *** *.** 18/05/16 *** -*.**
Portugal Telecom, 4.375% 24mar2017, EUR   EUR 24/03/17 18/05/16 **.** ***.** 18/05/16 **.** ***.**
Portugal Telecom, 4.5% 16jun2025, EUR   EUR 16/06/25 18/05/16 **.* **.** 18/05/16 **.* **.**
Portugal Telecom, 4.625% 8may2020, EUR   EUR 08/05/20 18/05/16 **.* **.** 18/05/16 **.** **.**
Portugal Telecom, 5% 4nov2019, EUR   EUR 04/11/19 18/05/16 **.** **.* 18/05/16 **.* **.**
Portugal Telecom, 5.242% 6nov2017, EUR   EUR 06/11/17 18/05/16 ** ***.* 18/05/16 **.** ***.**
Portugal Telecom, 5.875% 17apr2018, EUR   EUR 17/04/18 18/05/16 **.** ***.** 18/05/16 **.** ***.**
Redes Energeticas Nacionais (REN), 2.5% 12feb2025, EUR   EUR 12/02/25 18/05/16 ***.*** *.** 18/05/16 ***.**** *.**
Redes Energeticas Nacionais (REN), 4.75% 16oct2020, EUR   EUR 16/10/20 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Sonae, 1.625% 11jun2019, EUR (Conv.)   EUR 11/06/19 18/05/16 **.** *.** 18/05/16 **.** *.**
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