Portugal's Net Borrowing Needs Expected at EUR12.4 Billion in 2023

By Emese Bartha

The net borrowing needs of Portugal's central government are expected to amount to 12.4 billion euros ($13.08 billion) in 2023, the debt agency IGCP said Wednesday as it released its funding program for the year.

This compares with a projected EUR8.3 billion in 2022, it said.

The debt agency's gross bond issuance target is EUR19.8 billion for this year, said the debt agency, which plans monthly issuance combinging auctions with syndicated transactions.

The management of the refinancing risk will take into account that financing operations should avoid the excessive concentration of redemptions over time and includes debt buyback transactions, to be announced to the market in due course, it said.

Write to Emese Bartha at [e-mail]

(END) Dow Jones Newswires

01-04-23 0413ET