[REVISION HISTORY]

Portugal Treasury bills and savings certificates

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-08-08 09:33 UTC → 2026-08-20 12:54 UTC · added ~~removed~~

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.

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