January 10, 2017 / 12:25 PM / 6 months ago

Portugal net borrowing to reach 12.4 bln euros in 2017 - IGCP

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LISBON, Jan 10 (Reuters) - Portugal's IGCP debt agency said on Tuesday it will issue between 14 and 16 billion euros of treasury bonds in 2017 and the country's net borrowing needs will reach 12.4 billion euros.

In the country's financing programme for 2017, IGCP said the figure for net borrowing this year includes the 2.7 billion euros the government has alread pre-funded to capitalise state-owned bank Caixa Geral de Depositos this year.

"The financing strategy for 2017 will be focused on the Portuguese government bonds curve with regular issuance of government bonds to promote liquidity and the efficient functioning of the primary and secondary market," the agency said.

"Opportunities to perform bond exchanges and buyback will be further explored," it added.

It said issuance of treasury bills will have no impact on net financing, adding that it will issue debt under its euro medium term notes programme "depending on market opportunities that suit the overall financing strategy."

Reporting By Axel Bugge

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