# Portuguese debt management and risk mitigation

> Live situation record from CLSTR: https://clstr.news/situations/portuguese-debt-management-and-risk-mitigation
> Updated: 2026-09-29T05:00:00.000Z. Sources: 4. Developments: 2.

The Portuguese Treasury and Public Debt Management Agency (IGCP) has engaged in various debt management and risk mitigation activities.

In mid-September, the agency announced a planned auction for Treasury Bills with a 12-month maturity, targeting an indicative amount between 1,000 and 1,250 million euros. This issuance follows a pattern of similar short-term financing operations conducted earlier in the year.

By late September, the IGCP began evaluating the potential issuance of catastrophe bonds, or ‘cat bonds’. According to IGCP president Pedro Cabeços, the agency is conducting technical analyses to determine the feasibility, cost, and specific ‘trigger’ conditions required for these instruments. These bonds would allow the state to transfer risks associated with extreme events, such as storms or earthquakes, to investors.

## Timeline

### 2026-09-29: IGCP studies issuance of catastrophe bonds

Portugal's IGCP is studying the issuance of catastrophe bonds to transfer the financial risk of natural disasters to investors.

4 sources. https://clstr.news/cluster/igcp-studies-issuance-of-catastrophe-bonds

### 2026-09-11: IGCP to issue up to 1.25 billion euros in one-year debt

Portugal's IGCP will auction Treasury Bills worth between 1,000 and 1,250 million euros on September 16, targeting a 12-month maturity.

2 sources. https://clstr.news/cluster/igcp-to-issue-up-to-125-billion-euros-in-one-year-debt

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Cite as: Portuguese debt management and risk mitigation. CLSTR, https://clstr.news/situations/portuguese-debt-management-and-risk-mitigation