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3 clusters · 7 sources · 37 days · First seen about 2 months ago · Last updated 22 days ago

Portugal Treasury bills and savings certificates

Overview

In mid‑July 2026 Portugal’s public debt agency IGCP placed €1.005 billion of 12‑month Treasury bills, achieving an average placement rate of 2.682% and attracting demand 2.43 times the amount offered. Market participants cited the prevailing geopolitical backdrop and elevated energy prices as factors keeping inflation expectations and monetary‑policy outlooks high, limiting the scope for lower rates.

A few weeks later, in early August 2026, the Portuguese Series F savings certificate programme recorded a record €22.7 million of new subscriptions through the CTT digital app. The product now offers a base gross rate of 2.474%, with potential total returns up to 4.25% over its final two years. Subscriptions rose 29% month‑on‑month and 99% year‑on‑year, marking the strongest month since the app’s launch in July 2024. Digital channels now account for over 11% of all certificate subscriptions, reflecting growing investor appetite for government‑backed savings products alongside traditional Treasury bill placements.

By late August 2026, data from the Banco de Portugal revealed that total investment in savings certificates (Certificados de Aforro) reached a record high of €43.851 billion in July. This figure represents a 14.7% increase compared to the previous year and marks 22 consecutive months of growth. This surge in savings certificates occurred alongside a decline in treasury certificates (Certificados do Tesouro), which fell to €6.532 billion in July—a 24.5% year-on-year decrease and the lowest level since January 2015. Economic drivers for this shift include rising Euribor rates and government increases to subscription limits for certain series.

Entities

Banco de Portugal · Series F savings certificate · Certificados do Tesouro · Certificados de Aforro · Portugal

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] Investment in savings certificates (Certificados de Aforro) reached 43,851 million euros in July.
[● 3 SOURCES] Savings certificate investment grew by 14.7% compared to the same period last year.
[● 3 SOURCES] July marked the 22nd consecutive month of growth in savings certificate investment.
[● 3 SOURCES] The total amount invested in savings certificates is the highest since the series began in December 1998.
[● 3 SOURCES] Treasury certificate (Certificados do Tesouro) investment fell to 6,532 million euros in July.
[● 3 SOURCES] Treasury certificate investment decreased by 24.5% compared to the previous year.
[○ 1 SOURCE] Savings certificates captured 767.7 million euros in July, the highest amount in over three years.
[○ 1 SOURCE] The interest rate for savings certificates rose to 2.356% in July.

Timeline

22 days ago

[BUSINESS] 4 sources
Portugal savings certificate investment hits record 43.8 billion euros
Portuguese savings certificate investment hit a record 43,851 million euros in July, marking 22 months of continuous growth amid rising interest rates.
about 1 month ago

[BUSINESS] 3 sources
Portugal's Savings Certificates attract record €22 million via CTT app
Portugal's Series F savings certificate offers a 2.474% base rate, while the CTT app saw a record €22.7 million invested in July, mainly in Certificados de Aforro.
about 2 months ago

[BUSINESS] 3 sources
Portugal issues €1.005 bn of 12‑month Treasury bills at 2.682% average rate
Portugal placed €1.005 bn of 12‑month Treasury bills at a 2.682% average rate, attracting demand 2.43 times the offering, according to IGCP and Banco Carregosa.

Sources

aeiou.pt · cmjornal.pt · dn.pt · eco.sapo.pt · hrportugal.sapo.pt · jornaleconomico.sapo.pt · sapo.pt

This summary has been updated 1 time: see revision history