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Asset Backed Securities
Sovereign, Supranational, and Agency
Sovereign Government
Parent Companies
Republic of Portugal
Republic of Portugal
Republic of Portugal (PGB)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
SSA
PRCD
PGB
Republic of Portugal
€5,000
2
EMEA
Sep 23, 2025
Tranche #1
Republic of Portugal
currency
EUR
size (m)
3,500.000
maturity
Oct 14, 2033
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A+
fitch
A
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-
guidance
MS+39 area
spread
37
coupon
2.875%
spread set
-
price
99.39100
yield
2.961%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
BRC
active leads
-
joint leads
BNP
,
BRC
,
CAI
,
CTI
,
...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
BRC
active leads
-
joint leads
BNP
,
BRC
,
CAI
,
CTI
,
...
passive leads
-
co-managers
-
coordinating managers
-
Tranche #2
Republic of Portugal
currency
EUR
size (m)
1,500.000
maturity
Jun 12, 2054
type
Fixed
tenor
29.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A+
fitch
A
size description
-
re-open/tap
Yes
ipt
-
ipt-pxd
-
guidance
MS+112 area
spread
110
coupon
3.625%
spread set
-
price
92.92900
yield
4.045%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
BRC
active leads
-
joint leads
BNP
,
BRC
,
CAG
,
CAI
,
...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
BRC
active leads
-
joint leads
BNP
,
BRC
,
CAG
,
CAI
,
...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
First Pay: 2026-10-14; Registration: Reg S Only; Comments: EUR3.5bn 8yr cpn 2.875% at 99.391, yld 2.961%. Spread: MS+37bps. 37.6bps vs DBR 2.6 08/15/33 (@ 100.10, HR 100%); Registration: Reg S Only; Comments: EUR1.5bn 29yr tap cpn 3.625% at 92.929, yld 4.045%. Spread: MS+110bps. 71.6bps vs DBR 2 ½ 08/15/54 ( @ 84.76, HR 97%);
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