- Demand for “OTRV julho 2031” exceeds €600 million
- New Treasury Bonds to be listed on Euronext Lisbon from 18 July
Euronext today announced the results of the issue of the new Floating Rate Treasury Bonds (Obrigações do Tesouro de Rendimento Variável – OTRV) maturing in July 2031, following the public subscription and exchange offer launched by the Republic of Portugal through IGCP – Agência de Gestão da Tesouraria e da Dívida Pública. These bonds will be officially listed on Euronext Lisbon on 18 July 2025.
This transaction reinforces Euronext’s ongoing commitment to supporting sovereign issuers and promoting broad access to capital markets for Portuguese retail investors, while further strengthening the vitality and depth of Euronext’s global debt listing franchise.
The offering combined a public subscription open to all eligible retail investors in Portugal with a public exchange offer for holders of the “OTRV julho 2025” bonds. Both transactions were settled via Euronext Securities.
The total outcome of the offers, after validation, amounted to €612,237,000, comprising €423,421,000 from the public subscription and €188,816,000 from the public exchange offer for holders of the “OTRV julho 2025” bonds.
The “OTRV julho 2031” attracted 24,149 retail investors, with the majority placing orders between €11,000 and €30,000.
This listing further highlights the pivotal role of Euronext’s integrated market infrastructure in supporting government financing strategies, by ensuring transparency, liquidity, and accessibility for a broad investor base.
Isabel Ucha, CEO of Euronext Lisbon, said: “The successful admission to trading of the “OTRV julho 2031” is a clear demonstration of how capital markets - and in particular the Euronext’s integrated model - play a crucial role in connecting the financing needs of sovereign issuers with investment opportunities for retail savers. The admission to trading of this bond diversifies the investor base for Portuguese government bonds, while offering a secure and transparent additional avenue for savings. By providing retail investors with access to a liquid, listed sovereign bond, this issuance promotes financial inclusion and broadens participation in the capital markets, offering more people the opportunity to directly support the country’s economic future through their investment decisions. It also highlights the strength and resilience of Euronext Lisbon within Euronext’s wider European infrastructure, ensuring transparency, liquidity and efficiency.”
Caption: Pedro Cabeços, President of the Board of Directors at IGCP, and his team joined Isabel Ucha, CEO of Euronext Lisbon, and Rita Albuquerque, Listing Director at Euronext Lisbon, to ring the bell this afternoon in a ceremony celebrating the successful issuance of the “OTRV Julho 2031”.
Annex: Slide deck with detailed information on the offer
About OTRV
OTRVs (Obrigações do Tesouro com Taxa de juro Variável) are Portuguese Treasury bonds with a variable interest rate linked to a reference index, typically the 6-month Euribor. These bonds pay interest periodically, with rates adjusting according to market conditions, providing investors with protection against interest rate fluctuations. The “OTRV julho 2031” pays a floating interest rate indexed to the 6-month Euribor plus a 0.25% spread, with semi-annual coupon payments and final redemption at par in July 2031. Banco BPI, Millennium Investment Banking, Banco BIG, Caixa Banco de Investimento and Novo Banco acted as global organisers and coordinators for the transaction.
Download - Slide deck with detailed information on the offer
