Portugal

New series does not lock down Treasury Certificates and stock sinks for the 58th month in a row

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 21/09/2026, 11:20:14 UTC.

Briefings

The Portuguese government launched Series 5 Certificates of the Treasury (CTS5) in July to replace the older CTS-Pension series, but the product failed to reverse the trend of declining public debt. August saw the largest monthly net subscription decline since December 2024, with a 91.1 million euro drop in the stock of 6.4 billion euros. While the new series captured significant initial subscriptions in July and August, the overall stock remains negative, indicating that redemption of older bonds continues to outpace new inflows. The new series offers a 2.71% gross yield over ten years, resulting in a 1.8% effective yield, which falls below the 2% inflation target and remains inferior to savings certificates. This trend has persisted for nearly five years despite government intervention, as confirmed by the Bank of Portugal and ECO analysis.

Key points

• August saw the largest monthly net subscription decline since December 2024, with a 91.1 million euro drop in the stock of 6.4 billion euros.
• The new Series 5 CTS5 series captured significant initial subscriptions in July and August but failed to reverse the five-year trend of declining public debt.

Context and limitations

Data reflects August 2026 monthly figures from the Bank of Portugal; stock levels are snapshot-based and do not account for future redemption flows or long-term investment performance beyond the 10-year yield period.

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