Lisbon, April 16, 2026 (Lusa) – The Treasury and Public Debt Management Agency (IGCP) launched its first Offshore Renminbi (CNH) issue on 9 April, through a private placement with an eight-year maturity and an amount equivalent to €249 million, authorities announced on Thursday.
IGCP stated in a press release that this private placement, totalling 1.99 billion CNH, the Chinese currency traded outside mainland China, took place under Portugal's new €15 billion Euro Medium Term Notes (EMTN) programme.
"This issuance […] complements other private placement EMTN issuances carried out this year under the same programme, reinforcing the diversification of Portugal's debt instrument offering," the agency said. According to IGCP, these issues form an integral part of the 2026 Financing Programme for Portugal, which envisages EMTN issues totalling €2.5 billion.
The programme has issued €599 million in EMTNs this year across four separate tranches. The first, on 18 February, amounted to €150 million, with a 12-year maturity and a fixed yield of 3.40% for the first two years, and a variable yield determined by 6-month Euribor + 0.50% thereafter, with a minimum of 2.15% and a maximum of 3.65% (ISIN code PTIGCDOE0007).
A second issue followed on 1 April for €100 million, with a three-year maturity and a variable yield linked to 3-month Euribor at 0.208%, with a minimum of 1.75% (ISIN PTIGCEOE0006). The newly announced first CNH issue followed on 9 April. The fourth issuance took place on Wednesday, valued at €100 million with a seven-year maturity, an early redemption option at the end of the third year, and a fixed yield of 3.095%.
IGCP simultaneously conducted hedging operations (for yield and exchange rates) to "align the risk profile of the issues with the Republic's other funding sources." These operations ensured that the all-in cost for each of the four issues remained below the interest rate of Treasury Bonds traded on the secondary market for the respective maturities.
"The EMTN programme complements Portugal's financing strategy by providing access to alternative markets, diversifying funding sources, and attracting new investors at a favourable cost," the agency said.
PD/RYOL // ADB.
Lusa
