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Commentary & Deal Flow

Related Parents

Republic of Portugal

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Republic of Portugal

by Anna Tkachenko

May 28, 2026 7:41 AM ET

ALLOCATIONS OUT: Republic of Portugal €3bn 20yr PGB; MS+67bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Republic of Portugal	20yr	15-Jun-46	€3bn	Senior	Fixed	MS+69a	MS+67

Benchmark: DBR 3.4% May-47 / HR 94%
Books: Final books €54.5bn (incl. €3.6bn JLM)

Launched: 20yr: €3bn @ MS+67bp - Final books €54.5bn (incl. €3.6bn JLM)
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: €3bn
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
Hedge Deadline: 12:55h Ldn
Timing: Today's business
Target market: Retail / Professionals / Eligible Counterparties only (all distribution channels)