Government Bonds are book-entry securities that are registered and integrated in the Central de Valores Mobiliários (CVM), which is the Central Securities Depository managed by Interbolsa. Settlement, in the primary market occurs with instructions given through the Domestic Central Securities Depository (CVM) in Target 2 Security (T2S) or given to the International Central Securities Depository (ICSD) in a delivery versus payment process, which simultaneously delivers the securities to the buyer and sends the cash to the seller. Settlement of the transactions in the secondary market, takes place in T2S or in ICSD systems with Euroclear or Clearstream. All payments of coupons and redemption are ensured by IGCP, E.P.E. through the Domestic Central Securities Depository. The CVM will debit the IGCP’s account with Banco de Portugal and simultaneously will credit the respective account holders with registered book-entry securities. |