Commentary & Deal Flow

Guidance: 20yr: MS+69a

• Issuer: Republic of Portugal
• Ratings: A3/A+/A/AH/A (Moody's/S&P/Fitch/DBRS/Scope)
• Format: Reg S Category 1, 144A Eligible, CAC
• Issue size: € Benchmark
• Settlement: 4-Jun-26 (T+5)
• Maturity: 15-Jun-46
• Coupon: Fixed, Annual ACT/ACT, long first to 15-Jun-27
• Guidance: MS+69bps area
• Listing: MTS, BrokerTec, BGC Brokers and Euronext Lisbon
• Governing Law: Portuguese
• Docs: Standalone, no contractual events of default, no tax gross up
• Denomination: €0.01
• ISIN: PTOTEEOE0019
• Bookrunners: BBVA, BofA (B&D/DM), DB, GSBE SE, JPM, Santander
• Timing: Book’s open, today’s business
• Target market: Retail / Professionals / Eligible Counterparties only (all distribution channels)