IGCP places 1.75 billion in debt for 10 and 12 months

The IGCP – Public Debt and Treasury Management Agency today placed 1.75 billion euros, the maximum indicative amount, in Treasury Bills (BT) maturing in July and September of next year, with an average interest rate of 2.005% and 2.009%.

According to the IGCP – Public Debt and Treasury Management Agency page on Bloomberg, demand for the “BT17JUL2026” auction reached 1.622 billion euros, 2.16 times the amount placed, with 750 million euros being placed at an average interest rate of 2.005%.

The auction maturing on September 18, 2026, had a demand of 2,187 million euros, 2.19 times the amount placed, with 1,000 million euros being placed in this instrument at an average interest rate of 2.009%.

These average interest rates for the two instruments are higher than those seen at the last auction.

The last BT auction took place in July, when the IGCP placed 1,000 million euros at an average interest rate of 1.906% and achieved demand of 2.83 times the amount placed.

On September 11, at a parliamentary hearing before the Budget, Finance and Public Administration Committee, IGCP president Pedro Cabeços said he wanted to diversify and attract new investors to Portuguese public debt.

According to Pedro Cabeços, the agency has been holding meetings "to find out what needs to be done" to get investors interested.

"There are investors who don't include Portugal in their investment decisions," he stressed, indicating that the IGCP has met with "more than 100 investors in the last two years to promote Portuguese debt."