Boletim Mensal / Monthly Bulletin

Dvida Pblica / Public Debt

Fevereiro / February 2017 Portugal

http://www.igcp.pt Tel: (+351) 217923300 email: info@igcp.pt Bloomberg pages: IGCP Reuters pages: IGCP01

Mercado Mercado Dvida direta do Custo e estrutura da Finanas pblicas Economia / Notcias / News
primrio/ secundrio/ Estado / State dvida / Cost and / Public finances Economy
Primary market Secondary market direct debt debt structure

p. 1 p. 1 p. 2 p. 3 p. 3 p. 4 p. 4

Mercado primrio Primary market

Emisses de mdio e longo prazo por maturidade e mtodo de emisso Medium- and long-term debt issuance per bucket and method of issuance
[EUR mil milhes] [EUR billion]
25 25
11%
15% 5% 17% 15%
20 20
45% 17% 8%
23%
5%
48%
15 15 9% 36%
49%
46% 20%
25% 77% 48%
10 28% 10
8% 55%
12%
41% 53%
5 47%; 47% 47%
14% 35% 5 48%
8% 37%
70% 30%
43% 100% 45% 24%
12% 22% 12% 41% 100% 70%
0 30%
0
2010 2011 2012 2013 2014 2015 2016 Jan-Feb17
2010 2011 2012 2013 2014 2015 2016 Jan-Feb17
<3[ [3-5[ [5-9[ [9-15[ >=15 Syndications Auctions Exchanges MTN Issuance OTRV/FRN

Dvida emitida - ltimas colocaes Debt issued - latest allotments Calendrio dos prximos leiles de BT Tbills auction schedule

Inst rument o / Inst rument

OT 2 . 2 % OT 5 . 6 5 % BT BT BT BT Montante indicativo /
OC T 2 0 2 2 FEB 2 0 2 4 2 1J U L2 0 17 19 J A N 2 0 18 19 M A Y2 0 17 19 J A N 2 0 18 Instrumento / Data indicativa / Indicative amount
Operao / Type
Instrument Indicative date (EUR milhes /
Dat a da t ransao / Trade dat e 08-02-2017 08-02-2017 18-01-2017 18-01-2017 15-02-2017 15-02-2017
EUR million)
Dat a de liquidao / Set t lement dat e 10-02-2017 10-02-2017 20-01-2017 20-01-2017 17-02-2017 17-02-2017

Procura / Bids (EUR million) 946 1.111 1.235 2.167 1.020 1.915 BT 22SEP2017 Reabertura / Reopening (6m)
15/Mar/17 1250-1500
Colocado / Allot t ed (EUR million) 665 636 385 1.664 279 1.000 BT 23MAR2018 Lanamento / Launch (12m)
Taxa de colocao / Allot ment yield (%) 2,753 3,668 BT 21JUL2017 Reabertura / Reopening (3m) A ser anunciado /
19/Apr/17
Taxa m nima / Lowest yield (%) -0,095 -0,059 -0,231 -0,102 BT 23MAR2018 Reabertura / Reopening (11m) To be announced

Taxa mxima / Highest yield (%) -0,090 -0,043 -0,211 -0,093 BT17NOV2017 Reabertura / Reopening (6m) A ser anunciado /
17/May/17
Taxa mdia / Average yield (%) -0,091 -0,047 -0,219 -0,096 BT18MAY2018 Lanamento / Launch (12m) To be announced

Fonte/Source: IGCP

Mercado secundrio Secondary market

Curva de rendimentos das OT PGB yield curve Curva spread OT-swap PGB-swap spread curve
[%] [%] [pontos base] [basis points]
400,0
6
350,0
5
300,0
4
250,0
3 200,0
31/Dec/2015
2 150,0
31/Dec/2016 31/Dec/2015
1 31/Jan/2017 100,0
30/Dec/2016
0 50,0
31/Jan/2017
2 3 4 5 6 7 8 9 10 15 30 0,0
-1
2 3 4 5 6 7 8 9 10 15 30
Taxas de juro de OT a 5 e 10 anos 5- and 10-year PGB yields Spreads de soberanos a 10 anos 10-year sovereign spreads
[%] [%] [pontos base] [basis points]
6 500 Portugal vs Alemanha / Portugal vs Germany
Portugal 5Y
Espanha vs Alemanha / Spain vs Germany
5 Portugal 10Y 400 Itlia vs Alemanha / Italy vs Germany
4
300
3
200
2
100
1

0 0
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
Fonte/Source: Bloomberg
-1-
 Dvida Direta do Estado State direct debt
Movimento da dvida direta do Estado (1) State direct debt flows (1)
[EUR milhes] [EUR million]
Sa l do Ja n-Dez 2016 Jan-Dec 2016 Sa l do Ja nei ro 2017 January 2017 Sa l do
Outstanding Emi s s es Amort. Outros Outstanding Emi s s es Amort. Outros Outstanding
31-Dec-15 Issues Redempt. Others 30-Dec-16 Issues Redempt. Others 31-Ja n-17
Dvi da denomi na da em euros (excl ui ndo PAEF) /
Euro-denominated debt (excluding EU-IMF loans) 149.526 65.773 51.285 (50) 163.963 7.126 4.412 64 166.742
Tra ns a ci on vel / Tradable 119.879 40.595 29.166 (50) 131.258 5.160 3.337 64 133.146
ECP - - - - - - - - -
BT 15.023 18.657 18.544 - 15.136 2.186 2.548 - 14.774
(2)
dos qua i s : BT a fa vor do FRDP / of which: BT issued to FRDP 958 958 958 - 958 136 136 - 958
OT / Fixed rate Treasury Bonds 103.865 16.723 10.440 (71) 110.076 2.974 789 64 112.326
OTRV / Floating rate note (FRN) - 3.450 - - 3.450 - - - 3.450
Outra s obri ga es / Other bonds 51 - - - 51 - - - 51
MTN 931 1.766 182 21 2.536 - - - 2.536
Retail-Bonds 9 - - (0) 9 - - (0) 9
N o tra ns a ci on vel / Non tradable 29.647 25.178 22.119 (0) 32.705 1.966 1.075 - 33.596
Certi fi ca dos de Aforro / Saving Certificates 12.793 782 654 - 12.922 64 186 - 12.799
Certi fi ca dos do Tes ouro / Treasury Certificates 7.926 3.479 124 - 11.281 426 16 - 11.691
CEDIC 5.499 15.064 15.368 - 5.195 1.109 336 - 5.969
CEDIM 200 0 118 - 82 0 - - 82
(3)
Contas margem / Cash-collateral 2.106 4.210 4.208 - 2.108 273 443 - 1.938
Outros
Dvi / Others
da denomi na da em moeda n o euro (excl ui ndo PAEF) / 1.122 1.642 1.646 (0) 1.117 94 94 - 1.117
Non-euro denominated debt (excluding EU-IMF loans) 4.382 - 151 132 4.364 - - (83) 4.281
Tra ns a ci on vel / Tradable 4.382 - 151 132 4.364 - - (83) 4.281
ECP - - - - - - - - -
Outra s obri ga es / Other bonds 159 - 151 (8) - - - - -
MTN 4.223 - - 141 4.364 - - (83) 4.281
N o tra ns a ci on vel / Non tradable - - - - - - - - -
Progra ma de As s i s tnci a Econmi ca e Fi na ncei ra (PAEF) /
Economic and Financial Assistance Programme (EU-IMF loans) 72.455 275 4.496 (278) 67.956 - - (152) 67.803
FEEF / EFSF 27.328 264 - (264) 27.328 - - - 27.328
MEEF / EFSM 24.300 10 - (10) 24.300 - - - 24.300
FMI / IMF 20.827 - 4.496 (3) 16.327 - - (152) 16.175
Dvida total / Total debt 226.363 66.048 55.932 (196) 236.283 7.126 4.412 (171) 238.826
Efei to ca mbi a l de cobertura de deri va dos (l qui do) / Exchange
rate effect of hedging with derivatives (net) (2.424) (2.362) (2.144)
Dvida total aps cobertura cambial / Total debt after exchange rate
hedging 223.939 233.921 236.683
p.m.: BT cri a dos pa ra opera es de repos / BT issued for repo
transactions - 1.131 1.131 - - 94 94 - -
p.m.: OT cri a da s pa ra opera es de repos / OT issued for repo
transactions - 410 410 - - - - - -
Carteira de derivados financeiros (4) Financial derivatives portfolio (4)
[EUR milhes] [EUR million]
Valor Nocional / Notional Value Valor de Mercado
perna a pagar / pay leg perna a receber / receive leg lquido / net Market Value
Dec-15 Dec-16 Jan-17 Dec-15 Dec-16 Jan-17 Dec-15 Dec-16 Jan-17 Dec-15 Dec-16 Jan-17
1. IRS -2.915 -2.915 -2.915 2.945 2.945 2.945 30 30 30 170 109 112
2. Swaptions -500 -500 -500 500 500 500 0 0 0 -139 -189 -153
3. CCIRS -11.269 -9.451 -9.451 13.624 11.605 11.429 2.355 2.154 1.978 2.463 2.061 1.947
4. FX-swaps / FX-forwards -4.441 -5.320 -5.229 4.512 5.532 5.398 71 212 168 59 125 112
4.1. dos quais cobertura capital /
-4.341 -5.070 -4.935 4.409 5.278 5.100 68 207 165 57 121 109
of which principal hedging
4.2. Cobertura juros / Interest hedging -100 -250 -295 103 254 298 2 4 3 2 4 3

5. FX-options 0 -4 -81 0 4 81 0 0 0 0 0 0
Total -19.125 -18.190 -18.176 21.581 20.585 20.352 2.456 2.396 2.177 2.552 2.106 2.017
p.m. Efeito cambial swaps = -(3+4.1) - - - - - - -2.424 -2.362 -2.144 - - -
Saldo nominal vivo de BT e OT Tbill and PGB nominal outstanding Calendrio de amortizaes (5) Redemption profile (5)
[Jan-2017, EUR milhes] [Jan-2017, EUR million] [Jan-2017, EUR mil milhes] [Jan-2017, EUR billion]

BT_17MAR2017 2.463 24
BT / Tbills
BT_19MAY2017 2.469
BT_21JUL2017 3.302 21 FEEF / EFSF
BT_22SEP2017 3.240
BT_17NOV2017 1.500 MEEF / EFSM
18
BT_19JAN2018 1.800
OT 4.35% 16 Out 2007/2017 6.189 MEEF (maturidade final a confirmar) /
OT 4.45% 15 Jun 2008/2018 15 EFSM (final maturity to be confirmed)
7.664
FMI / IMF
OT 4.75% 14 Jun 2009/2019 10.139
OT 4.8% 15 Jun 2010/2020 10.736 12 Outra dvida de mdio e longo prazo /
OT 3.85% 15 Abr 2005/2021 13.640 Other medium and long term debt
OT 2.2% 17 Out 2015/2022 4.581
9
OT 4.95% 25 Out 2008/2023 8.558
OT 5.65% 15 Fev 2013/2024 12.076
OT 2.875% 15 Out 2015/2025 11.893 6
OT 2.875% 21 Jul 2016/2026 7.332
OT 4.125% 14 Apr 2017/2027 3.000 3
OT 3.875% 15 Fev 2014/2030 4.915
OT 4.1% 15 Abr 2006/2037 8.604
0
OT 4.1% 15 Feb 2015/2045 3.000 2017 2021 2025 2029 2033 2037 2041 2045
Fonte/Source: IGCP
-2-
 Custo e estrutura da dvida Cost and debt structure
Custo da dvida direta do Estado (6) State direct debt cost (6) Custo e maturidade dos emprstimos PAEF (7) Cost and maturity of EU-IMF loans (7)
[%] [%] [Jan-2017] [Jan-2017]
6
5,7 Maturidade
Maturidade mdia
Montante Saldo vivo / mdia residual
5 Custo all-in final desde data do
desembolsado / Outstanding final / Final
4,0 Entidade / estimado / desembolso / Final
4,2 4,2 Amount disbursed (EUR mil average
4 4,1 Entity Estimated all average maturity
3,9 3,7 (EUR mil milhes / milhes / EUR residual
3,5 3,6 3,6 3,4 3,6 in cost (%) since disbursement
3,2 EUR billion) billion) maturity (anos
3 date (anos / years)
/ years)
2,4 2,5
2 Custo da dvida emitida / Cost of EFSM 24.1 2,7% 19,5 24,3 14,5
issuance per year
1 EFSF 26.0 2,1% 20,8 27,3 16,3
Custo do stock da dvida / Cost of
Debt Outstanding IMF 26.3 4,5% 6,4 16,2 3,9
0
2010 2011 2012 2013 2014 2015 2016 Jan-Feb
2017 Total EU-IMF 76.5 2,7% 15,5 67,8 12,7

Fonte/Source: IGCP Fonte/Source: IGCP

Maturidade mdia da dvida Average maturity of the Durao modificada da dvida Modified duration of the
direta do Estado (8) State direct debt (8) direta do Estado (9) State direct debt (9)
[anos] [years] [anos] [years]
16 6
Maturidade mdia residual / Average residual maturity
14
Maturidade mdia residual excl. emprstimos do PAEF / 5
12 Average residual maturity excl EU-IMF loans
Maturidade mdia da dvida de MLP emitida em cada ano / 4
10 Average maturity of MLT debt issuance in each year 8,8
8 8,4 3
6,6
6
2
4
1
2

0 0
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-01 Jul-02 Jan-04 Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Jan-13 Jul-14 Jan-16

Fonte/Source: IGCP Fonte/Source: IGCP

Detentores de ttulos de dvida direta
State direct debt securities
Composio da dvida direta do Estado State direct debt composition do Estado (10)
holders (10)
[EUR mil milhes e % do total] [EUR billion and % of total] [EUR mil milhes e % do total]
[EUR billion and % of total]
239 160
236
240 226
217 140
204
200 194
175 29% 28% 120
32% 38% 37% 35%
152 36% 100 40%
160 32% 35% 35% 44% 43% 44%
133 21% 10% 10% 44% 47%
118 11% 9% 80 10% 9%
7% 6% 6% 10%
120 13% 13% 6% 6% 8% 9%
7% 7% 16% 12% 10% 17%
15% 9% 9% 7% 60 12% 14% 15%
13% 1% 12% 12% 7% 11%
11% 1% 2% 4% 9%
80 40
70% 59% 46% 47% 47% 48% 43% 40% 40% 39% 39% 39% 38% 40%
69% 48% 45% 43% 20 37%
40 69%
0
0 Dec/13 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16
Dec/08 Dec/09 Dec/10 Dec/11 Dec/12 Dec/13 Dec/14 Dec/15 Dec/16 Jan/17 No residentes (excl. BCE) / Non-residents (excl. ECB)
Outra no transacionvel / Other non-tradable PAEF / EU-IMF BCE (SMP+PSPP) / ECB (SMP+PSPP)
Retalho / Retail Outros CP / Other ST Banco de Portugal
BT / Tbills Outros MLP / Other MLT Residentes excl. BdP / Residents excl. BdP
OT / PGB TOTAL
Fontes/Sources: Banco de Portugal, BCE/ECB
Fonte/Source: IGCP

Finanas pblicas Public finances

Execuo oramental das Administraes Pblicas General government budget execution Dvida pblica na tica de Maastricht Maastricht public debt
[EUR milhes, variao anual %] [EUR million, yoy % change] [% PIB] [% GDP]
t vh / OE 2 0 16 t vh /
Per o d o / Per io d : 2 0 15 2 0 16
jan- d ez / Jan- D ec
yo y ( %) 2 0 16 B ud g et yo y ( %) 140
R eceit a ef et iva / Ef f ect ive r evenue 76 .13 7 78 .19 4 2 ,7 5,0
135 130,6
Impostos diretos / Direct taxes 21.481 21.036 -2,1 -1,2 129,0
129,0
130 126,2
Impostos indiretos / Indirect taxes 23.102 24.635 6,6 7,7 130,5
Contribuies SS / Social security contributions 18.663 19.483 4,4 4,4 125
121,6
Outras receitas correntes / Other current revenue 10.890 11.284 3,6 9,2
120 121,2
Receita de capital / Capital revenue 2.000 1.755 -12,2 23,0
111,4 120,5
D esp esa ef et iva / Ef f ect ive exp end it ur e 8 0 .8 8 9 8 2 .4 50 1,9 5,6 115 118,4

Despesas com pessoal / Compensation of employees 18.933 19.612 3,6 2,3 115,7
110
Aquisio de bens e servios / Purchase of goods and services 11.637 11.724 0,7 1,1
105
Juros e outros encargos / Interests and other charges 8.034 8.285 3,1 4,5 Dvida bruta / Gross debt
Transferncias correntes / Current transfers 34.870 35.491 1,8 2,8 100 96,2 102,9
Subsdios / Subsidies 1.354 1.380 1,9 33,1 Dvida lquida de depsitos da Administrao Central /
95
Debt net of Central Government deposits
Outras despesas correntes / Other current expenditures 784 954 21,7 160,2
93,7
90
Despesa de capital / Capital expenditure 5.277 5.004 -5,2 18,1

Sald o g lo b al / Over all b alance - 4 .752 - 4 .2 56

Sald o p r imr io / Pr imar y b alance 3 .2 8 2 4 .0 2 9

Fonte/Source: DGO Fonte/Source: Banco de Portugal

-3-
 Economia Portuguesa Portuguese Economy
Principais indicadores macroeconmicos Main macroeconomic indicators
Indicador / Indicator Unidade / Unit 2013 2014 2015 2016 I 2016 II 2016 III 2016 IV
PIB real / Real GDP Variao homloga, % / year-on-year, % -1,1 0,9 1,6 0,9 0,9 1,6 1,9
Inflao (IHPC) / Inflation (HICP) Variao homloga, % / year-on-year, % 0,4 -0,2 0,5 0,5 0,5 0,7 0,8
Taxa de desemprego / Unemployment rate % da populao ativa / % of labour force 16,2 13,9 12,4 12,4 10,8 10,5 10,5
Balana corrente / Current account % PIB / % GDP 0,7 -0,3 -0,3 -0,2 0,0 -0,1
Balana corrente e de capital / Current and capital account % PIB / % GDP 2,3 1,0 0,8 0,8 0,8 0,9
Saldo das Administraes Pblicas (SEC 2010) /
% PIB / % GDP -4,8 -7,2 -4,4 -3,8 -3,5 -3,6
General Government balance (ESA 2010)
Dvida pblica na tica de Maastricht / Maastricht public debt % PIB / % GDP 129,0 130,6 129,0 128,9 131,7 133,4 130,5

Fonte/Source: INE/Statistics Portugal

Notcias News
Emprstimo do FMI IMF loan

O IGCP concretizou em fevereiro um reembolso antecipado do
emprstimo FMI no montante de SDR 1.331,5 milhes elevando a
percentagem paga para 50% do emprstimo total inicial do FMI. Estes
reembolsos correspondem a amortizaes de capital que originalmente
eram devidas em abril, maio e junho de 2019.
IGCP reimbursed in February SDR 1,331.5 million of the IMF loan, which
increases the percentage paid of the total IMF loan to 50%. These
repayments discharge scheduled IMF principal repayment obligations
that were originally to fall in April, May and June 2019.

Banco BPI, SA Citigroup Global Markets Limited Goldman Sachs International Bank Nomura International
Operadores Especializados em Valores do Tesouro Barclays Bank, plc Commerzbank HSBC France Novo Banco, SA
(OEVT) - OT BBVA Crdit Agricole CIB Jefferies International Limited Socit Gnrale
Primary Dealers BNP Paribas Danske Bank JP Morgan The Royal Bank of Scotland, plc
Caixa Banco de Investimento, SA Deutsche Bank, AG Morgan Stanley & Co International
Operadores de Mercado Primrio (OMP) - OT
Banco Santander Caixa Central de Crdito Agricola Mtuo Millenniumbcp
Other Auction Participants
Banco BPI, SA Caixa Geral de Depsitos, SA Goldman Sachs International Bank Morgan Stanley & Co International
Banco Santander Citigroup Global Markets Limited HSBC France Nomura International
Especialistas em Bilhetes do Tesouro (EBT)
Barclays Bank, plc Crdit Agricole CIB Jefferies International Limited Novo Banco, SA
Treasury Bill Specialists
BBVA Danske Bank JP Morgan Socit Gnrale
BNP Paribas Deutsche Bank, AG Millenniumbcp The Royal Bank of Scotland, plc

DGO - Direco Geral do Oramento Budget General Directorate www.dgo.pt

INE- Instituto Nacional de Estatstica Statistics Portugal www.ine.pt
Pginas internet com informao econmica sobre Portugal
Portuguese Economy Web Sites BP - Banco de Portugal Bank of Portugal www.bportugal.pt
CFP - Conselho de Finanas Pblicas Portuguese Public Finance Counsil www.cfp.pt
PE Probe - Portuguese Economy Probe Portuguese Economy Probe www.peprobe.com

Disclaimer Disclaimer
A informao disponibilizada neste Boletim foi compilada a partir de fontes que se julga serem The information contained in this bulletin have been compiled or arrived at from sources believed to
fidedignas e de boa f, mas nenhuma garantia, expressa ou implcita, poder ser dada sobre a sua be reliable and in good faith, but no representation or warranty, express or implied, is made as to
fiabilidade, integridade ou correo. their accuracy, completeness or correctness.

Todas as estimativas apresentadas neste documento so publicadas para auxlio dos seus leitores, All estimates contained in this document are published for the assistance of recipients, but is not to
mas no podem em caso algum ser consideradas definitivas ou substituir o julgamento do leitor, be relied upon as authoritative or taken in substitution for the exercise of judgment by a recipient
nem o seu contedo constitui a base de qualquer contrato ou compromisso. and, therefore, does not form the basis of any contract or commitment whatsoever.

O IGCP no poder em caso algum ser responsabilizado por qualquer perda que direta ou IGCP does not accept any liability whatsoever for any direct or consequential loss arising from any
indiretamente resulte da utilizao deste documento ou da informao nele contida. use of this document or its contents.

-4-
 Notas explicativas
1. Os saldos em dvida encontram-se ao valor nominal (exceto os
instrumentos emitidos a desconto, nomeadamente os BT, que se
encontram ao valor descontado), valorizados taxa de cmbio do final do
perodo, enquanto que os valores de emisses e de amortizaes esto ao
valor de encaixe. A coluna Outros inclui variaes cambiais, mais- ou
menos-valias nas emisses e nas amortizaes e a variao do valor da
renda perptua e dos consolidados.
2. Com base na eficiente gesto ativa da dvida direta do Estado, foram
emitidos BT a favor do Fundo de Regularizao da Dvida Pblica (FRDP),
tendo em vista o suporte de operaes em mercado secundrio. O saldo da
dvida directa do Estado inclui este montante.
3. As contas margem correspondem aos montantes que as contrapartes
entregam Repblica Portuguesa como colateral em dinheiro para fazer
face a perdas potenciais decorrentes de contratos de derivados financeiros,
i.e. quando o valor de mercado das posies em derivados favorvel
Repblica. Essas garantias podem ser entregues sob a forma de ttulos de
dvida pblica (sem impacto sobre o saldo da dvida) ou sob a forma de
dinheiro. No entanto, a partir de 2011, as contrapartes passaram a
privilegiar a entrega de colateral em dinheiro. A dvida direta do Estado
passou a incluir o montante referente a estas contas margem a partir de
dezembro de 2015, seguindo o critrio adotado pelas autoridades
estatsticas para a dvida de Maastricht. As contas margem tm um impacto
neutro no patrimnio lquido do Estado, uma vez que um aumento
(reduo) do seu valor se reflete numa emisso (amortizao) de dvida
que compensada por um aumento (reduo) equivalente dos depsitos
da Tesouraria Central do Estado.
4. Inclui instrumentos de derivados financeiros contratados pela Repblica,
que se dividem nas seguintes rubricas: (i) IRS swaps de taxa de juro; (ii)
swaptions opes sobre swaps de taxa de juro; (iii) CCIRS swaps de
cobertura de risco cambial e de taxa de juro; (iv) FX-swap e FX-forward
outros instrumentos de cobertura de risco cambial; e (v) FX-options
opes sobre instrumento de cobertura de risco cambial.
5. O calendrio de amortizaes exclui as amortizaes de CA, CT, CEDIC e
CEDIM. A maturidade final dos emprstimos do MEEF assinalados no est
ainda definida, mas no se espera que Portugal venha a ter de refinanciar
qualquer emprstimo do MEEF antes de 2026.
6. Custo da dvida emitida = custo mdio dos BT, OT, OTRV e MTN emitidos
no ano correspondente, ponderado pelo montante e maturidade. Custo do
stock da dvida = rcio entre juros do subsetor Estado na tica de Contas
Nacionais e saldo mdio da dvida direta do Estado no final dos anos t e t-1.
7. A estimativa de custo all-in dos emprstimos do PAEF inclui todos os
custos diretamente associados (juros e comisses). A estimativa da TIR para
os emprstimos do FEEF tem em considerao o programa de
financiamento previsto pelo FEEF e a evoluo implcita nas forwards de
taxa de juro. A estimativa da TIR para os emprstimos do FMI tem em
considerao a evoluo implcita nas forwards de taxa de juro e cambiais e
no inclui o efeito das coberturas cambiais contratadas. O montante
desembolsado por cada entidade corresponde ao valor de emisso
subtrado de todas as comisses e outros custos pagos na data de emisso.
A maturidade mdia final tem em considerao a maturidade final
esperada dos emprstimos do MEEF, bem como as amortizaes
antecipadas dos emprstimos do FMI entretanto realizadas.
8. A maturidade mdia residual tem em considerao o refinanciamento
dos emprstimos do MEEF a ser concretizado. A maturidade mdia da
dvida de mdio e longo prazo emitida inclui emisses de OT e MTN
ocorridas no ano correspondente.
9. A durao modificada calculada para a carteira total de dvida direta do
Estado, incluindo derivados financeiros e excluindo os ttulos emitidos a
favor do FRDP.
10. Exclui dvida no transacionvel, nomeadamente os emprstimos do
PAEF. Calculado por diferena entre os ttulos de dvida da Administrao
Central (AC) e os ttulos de dvida das empresas pblicas includas na AC. O
valor detido pelo Banco de Portugal (BdP) est valorizado ao custo
amortizado. O valor detido pelo Banco Central Europeu corresponde ao
montante de ttulos de dvida pblica portuguesa adquiridos no mbito do
Securities Market Programme ao valor nominal (divulgado publicamente
pelo BCE apenas a partir de 2012) e do Public Sector Purchase Programme
valorizado ao custo amortizado, lquido do valor detido pelo BdP.
-5-
Explanatory notes
1. The outstanding amounts are at nominal value (except for the
instruments issued at discount, namely Tbills, which are at discounted
value), converted at the end-of-period exchange rate, while the issues and
redemptions are net of premiums or discounts. The column Others includes
exchange rate fluctuations, premiums or discounts and value changes of
perpetual and consolidated debt.
2. Based on an efficient management of public debt, Tbills were issued to
the Public Debt Regularization Fund (FRDP), to conduct secondary market
operations. State debt outstanding includes this amount.
3. Cash-collateral corresponds to the amount received from the Portuguese
Republic counterparties to compensate for potential losses arising from
financial derivatives contracts, i.e. when the market value of the derivatives
portfolio is favourable for the Republic. These guarantees may be given
using Government debt securities (without impact in the debt stock) or
using cash. However, since 2011, most counterparties have preferred to
give cash-collateral. The State direct debt includes the amount of these
cash-collaterals since December 2015, following the criteria adopted by the
statistical authorities for the Maastricht debt. The cash-collateral has a
neutral impact on the States net wealth, since an increase (reduction) of its
value is reflected in a debt issuance (redemption) that is compensated by an
equivalent increase (reduction) of the deposits of the State Treasury
Account.
4. Includes financial derivatives traded by the Portuguese Republic,
comprising the following types: (i) IRS interest rate swaps; (ii) swaptions
options on interest rate swaps; (iii) CCIRS cross-currency interest rate
swaps; (iv) FX-swap and FX-forward foreign-exchange risk hedges; and
(v) FX-options options on foreign-exchange risk hedges.
5. The redemption profile excludes the redemptions of Saving and Treasury
certificates, as well as of CEDIC and CEDIM short- and medium- to long-
term special certificates held by other public entities. The final maturity
date of the EFSM loans in orange is still not defined, but it is not expected
that Portugal will have to refinance any of its EFSM loans before 2026.
6. Cost of issuance = average cost of Tbills, PGB, FRN and MTN issued in the
corresponding year, weighted by issuance amount and maturity. Cost of
debt outstanding = interest costs of the State subsector on an accrual basis
/ average State direct debt outstanding at end of t and t-1.
7. The estimated all-in cost of the EU-IMF loans includes all direct costs
(interest and fees). The IRR estimate for the EFSF loans takes into account
the provisional EFSF funding program and interest rate forwards. The IRR
estimate for the IMF loans is based on interest rate and exchange rate
forwards and does not take into account hedging operations. The amount
disbursed by each entity corresponds to the issuance amount deducted
from all fees and other costs paid at the issuance date. The final average
maturity takes into account the final expected maturity of the EFSM loans,
as well as the early reimbursements of the IMF loans already executed.
8. The average residual maturity takes into account the rollover of the EFSM
loans still to be executed. The average maturity of medium- and long-term
debt issuance considers PGB and MTN issued in the corresponding year.
9. The modified duration is computed for the overall State direct debt
portfolio, including financial derivatives and excluding securities issued in
favour of FRDP.
10. Excluding non-tradable debt, namely the EU-IMF loans. Obtained from
the difference between the debt securities issued by the Central
Government (CG) and those issued by public companies included in the CG.
The amount of debt held by Banco de Portugal (BdP) is valued at amortised
cost. The amount of debt held by the European Central Bank corresponds to
the amount of Portuguese debt securities purchased under the Securities
Market Programme at nominal value (publicly disclosed by the ECB only
from 2012 onwards) and the Public Sector Purchase Programme at
amortised cost, net of the debt securities held by BdP.