Term sheet treasury certificates «series 5»

Last updated on 16 July 2026

Description

Treasury certificates «series 5» are Portuguese government debt instruments for household, offering a guaranteed fixed interest rate.

 

Subscriptions to treasury certificates «series 5» may be made through AforroNet* or directly at the branches of the entities appointed by IGCP, E.P.E. for this purpose: CTT – Correios de Portugal, Espaços Cidadão, and the digital channels of Banco de Investimento Global (BiG).

 

*See Instruction No. 2/2025.

 

Subscriptions to treasury certificates «series 5» are available from 6 July 2026.

 

Treasury certificates «series 5»

Treasury certificates «series 5» were created by RCM No. 141-A/2026 of 3 July (Official Gazette No. 127/2026, Supplement to Series I, 3 July 2026).

 

 

Values and subscription limits

Nominal value of each unit
Minimum subscription amount
Maximum per account
Minimum per account

 1 EUR
1,000 units
1,000,000 units
1,000 units

 

Term

10 years from the value date of the subscription.

 

Interest Rate

  • Fixed annual interest rate applicable to each year of the investment:

     

Year 1 – 2.35%

Year 2 – 2.45%

Year 3 – 2.45%

Year 4 – 2.65%

Year 5 – 2.65%

Year 6 – 2.75%

Year 7 – 2.75%

Year 8 – 2.85%

Year 9 – 2.85%

Year 10 – 3.35%

 

  • The interest rates applicable to new subscriptions may be changed at any time by IGCP, E.P.E., through an official instruction and subject to prior authorization by the member of government member responsible for finance, in accordance with market conditions and the funding requirements of the Portuguese Republic.

  • The interest rates applicable to new subscriptions at any given time are published on the IGCP, E.P.E. website.

     

Interest Due Dates

  • Each subscription earns interest on an annual basis.

  • Interest is calculated using the 30/360 day-count convention.

  • Interest becomes payable on the day of the month corresponding to the subscription value date. If that day does not exist in the relevant month, payment is made on the first day of the following month. If the payment date falls on a non-business day, payment is made on the following business day.

 

Distribution of Interest

  • The interest amount, net of Personal Income Tax (IRS), is credited to the bank account number associated with the Treasury account held at IGCP, E.P.E.

  • Interest is not compounded.

 

Redemption at maturity

  • The principal is repaid at its nominal value on the 10th anniversary of the subscription value date.

  • If that day does not exist in the relevant month, repayment is made on the first day of the following month. If the repayment date falls on a non-business day, payment is made on the next business day.

  • The redemption amount is credited to the bank account number associated with the Treasury account held at IGCP, E.P.E.

 

Early Redemption

  • Early redemption is only permitted one year after the subscription value date.

  • After the first year, certificates may be redeemed at any time. However, any interest accrued since the most recent interest payment date up to the redemption date will be forfeited in full.

  • The redeemed units are repaid at their nominal value.

  • Early redemption may be made for all subscribed units, In the case of a partial redemption, the remaining balance must not be less than 1,000 units.

 

Ownership

  • The ownership and transfer conditions applicable to treasury certificates «series 5» are those established by IGCP, E.P.E. in the relevant Instructions (see Instruction No. 2/2025).

 

Tax Regime

  • Interest is subject to IRS, with tax withheld at source, at the withholding tax rate in force at the time.

  • Treasury certificates «series 5» are exempt from Stamp Duty where they are transferred upon death to the holder’s forced heirs. 

 

Capital Guarantee

  • Guarantee of the total invested capital