Portugal

Treasury Certificate Stock sinks 1.7% in September and beats new minimum

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 22/10/2026, 11:11:24 UTC.

Briefings

In September 2026, Portugal's stock of Treasury Certificates fell 1.71% to 6.331 million euros, marking the lowest level since December 2014. This decline occurred despite the introduction of Series 5 bonds, which offered higher fixed rates than previous products. The drop was driven by higher redemption rates from prior series exceeding the new bonds' yields, resulting in a total of 51.722 million euros across both products, up 1.33% from August. The average annual yield of the new Series 5 bonds was 2.71%, compared to the previous product's 2.35% for the first year.

Key points

• The stock of Treasury Certificates fell 1.71% in September 2026 to 6.331 million euros, the lowest level since December 2014.
• Series 5 bonds introduced in July 2026 offered higher fixed rates than previous products, yet the stock continued to decline due to higher redemption rates from prior series.

Context

This finding highlights a structural shift in Portugal's fixed-rate bond market where new high-yield bonds failed to attract savings compared to older, lower-yield bonds. The 1.71% drop represents the 59th consecutive month of declining stock, indicating a persistent market preference for older instruments despite recent rate increases.

Limitations

Data covers only September 2026 and August 2026; the 1.71% decline is based on reported figures from the Banco de Portugal. The average annual yield of 2.71% is a calculated metric from the source text and may not reflect actual market performance. The 1.33% increase in total stock is based on reported figures and may not represent the true market value.

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