LISBON: Portugal plans to offer up to 4.5 billion euros ($5.01 billion) of Treasury bills this quarter in monthly sales and to issue bonds via a combination of syndicated issuance and auctions, where it will offer up to 1.25 billion euros per auction.
The IGCP debt agency said it would hold T-bill auctions on July 20, Aug. 17 and Sept. 21, offering maturities between 3 months and one year. This month, it will auction between 1.5 billion and 1.75 billion euros total in 6- and 12-month bills.
Last quarter, the IGCP sold 3.93 billion euros of T-bill, exceeding its initial plan of up to 3.5 billion. Bond auctions can be held on the second, fourth or fifth Wednesday of the month with the announcement of the sale made three days before the auction.
The agency said it will monitor market conditions, which may result in a change of the quarterly guidelines.
So far this year, Portugal has sold nearly 4.4 billion euros worth of bonds in four regular auctions, and also placed 5.5 billion euros in two syndication placements.
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