The State’s net financing needs in 2026 are around 13,000 million euros, according to the Financing Program of the Portuguese Republic released today.
According to the document from IGCP – Treasury and Public Debt Management Agency, “the financing strategy for 2026 will focus on the issuance of public debt securities in euros in the financial markets, with regular issuances of Treasury Bonds (OT) to promote liquidity and the efficient functioning of primary and secondary markets”.
With regard to OT, an amount of 24 billion euros is expected to be obtained via gross issuance of OT, “combining syndicates and auctions, with 3 syndicated issues and 9 auctions expected to be carried out”.
With regard to Treasury Bills (BT), the expectation is that the net financing resulting from the issuance of BT will have an impact of 5.1 billion euros.
“IGCP will hold monthly BT auctions on the third Wednesday of each month and, if justified, may also use the first Wednesday of the month”, indicates the agency that manages Portuguese debt.
According to the indicative calendar for the first quarter of 2026, auctions are scheduled for January 7th and 21st, both with an indicative amount of 1,000 million euros to 1,250 million euros, on February 18th, with an indicative amount between 1,500 million and 1,750 million euros and on March 18th, with an amount between 1,750 million and 2,000 million euros.
The IGCP also indicates that, next year, it intends to “boost the commercial paper program (Euro Commercial Paper, “ECP”), as well as the Euro Medium Term Notes (EMTN) program, which will allow exploring the issuance of short and medium-long term bonds in different currencies”.