Portugal to auction 9, 14-year bonds on Wednesday

Portugal expects to issue up to 1.25 billion euros on Wednesday in its first debt issuance of the year, state debt agency IGCP said. 

The country’s state debt agency IGCP will hold two Treasury bill auctions maturing on October 18, 2030 and October 12, 2035. 

According to the IGCP financing program for 2021 published on Thursday, the IGCP expects to issue 15 billion euros this year through the issuance of long-term debt, through auctions, but also syndicated sales.

Portugal’s net financing needs for this year are expected to be around 14 billion euros this year, according to the IGCP.

Portugal’s economy has been hard hit by the pandemic, with the country’s state of emergency in March leading to the closure of non-essential businesses and the economy being plunged into recession.