By Laura Contemori – ROME (Econostream) – Portugal’s Treasury and Public Debt Management Agency (IGCP) on Thursday priced a new €3 billion 20-year syndicated government bond due June 15, 2046.

The new benchmark bond carries a 3.875% coupon and was priced at a re-offer price of 99.477%.

IGCP said the final order book exceeded €56.5 billion from 353 investors, making it the largest ever achieved for a single new Portuguese syndicated line.

The agency said the transaction was around 18 times oversubscribed and marked the country’s first new 20-year euro benchmark since January 2022.

Settlement was scheduled for June 4, 2026.

By investor type, allocations went primarily to fund managers, banks and private banks, central banks and official institutions. Geographically, the largest allocations were made to investors in the UK, France, Italy and Spain.

BBVA, Bank of America, Deutsche Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and Santander acted as joint lead managers.