IGCP, E.P.E., issues its first Offshore Renminbi (CNH) bond, for an amount of EUR 249 million
On April 9, 2026, IGCP, E.P.E., issued its first bond in CNH through a private placement, with an 8-year maturity and an amount of CNH 1.99 billion, equivalent to EUR 249 million. This transaction, executed under the updated EUR 15 billion EMTN (Euro Medium Term Notes) programme of the Portuguese Republic, complements other private placements already executed this year, further strengthening the diversification of Portugal’s debt instruments offering. These transactions form an integral part of the Portuguese Republic’s 2026 Funding Programme, which include EMTN issuances of EUR 2.5 billion.
So far, EUR 599 million of EMTN have been issued in 2026 in the three transactions specified below:
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On February 18th, EUR 150 million were issued with a 12-year maturity, with a fixed interest rate of 3.40% in the first 2 years and an interest rate of Euribor 6m + 0.50%, floored at 2.15% and capped at 3.65%, in years 3 to 12 (ISIN PTIGCDOE0007);
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On April 1st, EUR 100 million were issued with a 3-year maturity and an interest rate of 3-month Euribor – 0.208%, floored at 1.75% (ISIN PTIGCEOE0006);
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On April 9th, CNY 1.99 billion (equivalent to EUR 249 million) were issued with an 8-year maturity and a fixed interest rate of 1.765% (ISIN PTIGCFOE0005);
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On April 15th, EUR 100 million were issued with a 7-year maturity, with an early reimbursement option by the issuer at the end of the third year and a fixed interest rate of 3.095%.
Interest-rate and foreign-exchange hedging transactions were executed simultaneously to align the risk profile of these bond issues with those of Portugal’s main funding instruments, enabling the four issuances to achieve all-in costs below the comparable yields of Portuguese government bonds traded in the secondary market.
The EMTN programme complements Portugal’s funding strategy by enabling access to alternative markets, diversifying funding sources, and attracting new investors at a favorable cost.
IGCP, E.P.E. April 16th, 2026