The Portuguese debt agency, which has already issued 6.9
billion of bonds in January-February, will also reduce this
year's T-bill issuance to a projected net zero from an initial
estimate of 4.3 billion euros.
Instead, it will offer an additional 8.5 billion euros worth
of savings certificates, raising this year's total to 12 billion
euros, to retail investors who have been buying them thanks to
higher yields they offer compared to interest on bank deposits.
($1 = 0.9185 euros)
(Reporting by Patrícia Vicente Rua; Editing by Andrei Khalip
and Alexander Smith)
LISBON, March 31 (Reuters) - Portugal's debt agency said
on Friday it had cut this year's planned net issuance of bonds
and Treasury bills by a combined 8.9 billion euros ($9.7
billion) and will instead offer more savings certificates, a
popular alternative to bank deposits.
The IGCP said in a statement that while its net financing
needs were unchanged at 12.4 billion euros, it now expects to
issue 15.2 billion euros of government bonds net of purchases in
2023, a 4.6 billion euro drop from its initial estimate.
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