Portugal attracts record demand of 32 billion euros in 15-year debt sale

The initial guidance points to a rate of 89 basis points above the 'midswaps', which indicates that Portugal should pay a yield below 1%, according to "Bloomberg". Demand has already broken a record set in a sale in April and the issue is expected to exceed four billion euros.

IGCP - Treasury and Public Debt Management Agency - attracted a record demand of 32 billion euros in the syndicated sale of a new line of Treasury Bonds (OT) with a maturity of 15 years, reported the agency "Bloomberg", advancing Portugal is expected to pay a fee of 89 basis points above the midswaps.

In an article in which he stresses that Portugal is “countering the summer calm in the market” by attracting demand that is already two billion euros above the previous record set in a syndicated sale in April.

The agency explained that according to the estimates of the investment bank Mizuho, ​​Portugal will try to sell at least four billion euros in OT, but adds that the value may be much higher.

O guidance the initial interest rate point is close to 89 basis points above midswaps, indicating that Portugal should pay a yield below 1%, he said, citing people with knowledge of the operation.

"The amount that they [Portugal] will have to issue this year to ensure their financial needs suggest that they will sell in a way far superior to the typical syndicated sale," said Henry Occleston, strategist at Mizuho, ​​adding that Portugal will probably have to do more syndicated emissions after the calmer period of summer.

On June 19, IGCP reported that, following the presentation of the Supplementary Budget by the Government, it almost doubled the financing needs for 2020. In the document with the new program values ​​for the third quarter, IGCP detailed that the amount rose to 20,3 billion euros this year, a figure higher than the 10,7 billion euros previously projected.

[Updated at 10:32 am]

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