The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Portugal’s sovereign borrowing agency rebuilds bridges with wary investor base

Portugal’s sovereign borrowing agency is intensifying its focus on re-establishing relationships with existing investors outside the country and developing a dialogue with new ones.

For the government, in particular, intensive overseas marketing has been an urgent priority as it has worked to rebuild an investor base that has undergone a ratings-driven transformation over the past 12 to 18 months. "After the downgrade from S&P at the start of 2012 we lost a large part of our classic investor base, which was the core European institutions," says João Moreira Rato, chief executive of the IGCP, Portugal’s debt management office. "With French and German accounts selling, the priority when I joined the IGCP in June 2012 was to find an investor base that was less ratings sensitive. We roadshowed intensively and US investors played an important role in making up for the loss of core European demand."

The process of re-establishing the sovereign’s credentials in the capital market began in April 2012, with the issue of the government’s first 18-month treasury bill since the loss of its market access. This was followed in September by the successful exchange of a 2013 bond into an issue due in October 2015.

Following the bond exchange in September, the European Central Bank indicated that the government would need to issue a "reasonable amount of bonds" to prove it had the market access necessary to qualify Portugal for the ECB’s outright monetary transactions (OMT) bond-buying programme.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree