THE REPUBLIC OF PORTUGAL REVERSE AUCTION NOTICE Date: December 6th, 2023.
PORTUGAL 5.125% 15Oct2024 USD NOTES ISSUED ON JULY 1, 2014 UNDER THE EUR 15,000,000,000 EMTN PROGRAMME DATED DECEMBER 30, 2013
(144A Notes with the ISIN XS1085738729 and Reg S Notes with the ISIN XS1085735899)
The Republic of Portugal acting through Agência de Gestão da Tesouraria e da Dívida Pública – IGCP, E.P.E. ("IGCP”) is pleased to announce a partial reverse notes auction in respect of the Portugal 5.125% 15Oct2024 USD Notes (the 144A Notes with the ISIN XS1085738729 and Reg S Notes with the ISIN XS1085735899) (the "Notes”) in accordance with the following terms and conditions: - Scope: buyback part of (and not in full) the Notes through the reverse auction.
- ISIN: the 144A Notes with the ISIN XS1085738729 and Reg S Notes with the ISIN XS085735899.
- Eligible Auction Participants: financial institutions that qualify as Treasury Specialized Market Operator (Operador Especializado de Valores do Tesouro) for the purposes of article 20 of Instruction 2/2014, only.
- Venue: Bloomberg Auction System (BAS).
- Auction day: December 7th, 2023.
- Timing: Eligible counterparties are invited to submit their bids on auction day between 1:30 p.m. to 2:00 p.m. Lisbon time (2:30 p.m. to 3:00 p.m. CET time).
- Procedure: Single-price reverse auction.
- Target amount: The total target volume that will be purchased will not be predetermined but it will not cover the entire issuance.
- Minimum bid size: The minimum bid should be not less than USD 1,000,000.
- Number of bids: Every Eligible Auction Participant may submit more than one bid.
- Purchase Price: Clean price of an accepted quote plus accrued interest (dirty price).
- Settlement: Transactions settled on December 11th, 2023.
- Revision of terms and conditions: The IGCP reserves the right to rescind, alter or add to these terms and conditions as necessary [provided that such changes will not apply to bid applications in the course of processing].
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