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Commentary & Deal Flow

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by Anna Tkachenko

May 28, 2026 4:24 AM ET

UPDATE: Republic of Portugal € bmk 20yr PGB; Spread set at MS+67bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Republic of Portugal	20yr	15-Jun-46	bmk	Senior	Fixed	MS+69a	MS+67

Spread set at: 20yr: MS+67bp - Books in excess of €41bn (incl. €3.6bn JLM)
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
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
Books Subject: Books to close 10:00h Ldn / 11:00h CET
Target market: Retail / Professionals / Eligible Counterparties only (all distribution channels)