COUNTRY • PORTUGAL
Last Update: 3 Oct 2022 14:15 GMT+0

The Portugal 10Y Government Bond has a 2.998% yield.

10 Years vs 2 Years bond spread is 101.3 bp.
Normal Convexity in Long-Term vs Short-Term Maturities.

Central Bank Rate is 1.25% (last modification in September 2022).

The Portugal credit rating is BBB+, according to Standard & Poor's agency.

Current 5-Years Credit Default Swap quotation is 52.10 and implied probability of default is 0.87%.

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Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
3 months 0.332% +27.0 bp +107.7 bp 03 Oct
6 months 1.270% +102.8 bp +185.5 bp 03 Oct
1 year 1.901% +165.1 bp +233.6 bp 98.13 -1.62 % -2.30 % 03 Oct
2 years 1.985% +90.8 bp +204.3 bp 96.15 -1.77 % -3.97 % 03 Oct
3 years 2.014% +60.2 bp +192.6 bp 94.19 -1.76 % -5.56 % 03 Oct
4 years 2.154% +47.4 bp +167.7 bp 91.83 -1.84 % -6.40 % 03 Oct
5 years 2.392% +53.0 bp +175.4 bp 88.85 -2.57 % -8.28 % 03 Oct
6 years 2.513% +55.0 bp +165.6 bp 86.16 -3.18 % -9.31 % 03 Oct
7 years 2.575% +52.6 bp +161.5 bp 83.70 -3.53 % -10.51 % 03 Oct
8 years 2.767% +47.5 bp +165.8 bp 80.38 -3.64 % -12.20 % 03 Oct
9 years 2.862% +43.2 bp +162.3 bp 77.57 -3.72 % -13.34 % 03 Oct
10 years 2.998% +42.1 bp +160.8 bp 74.42 -4.02 % -14.57 % 03 Oct
15 years 3.243% +41.6 bp +160.0 bp 61.96 -5.88 % -20.88 % 03 Oct
20 years 3.317% +28.1 bp +140.9 bp 52.07 -5.29 % -24.01 % 03 Oct
30 years 3.477% +28.3 bp +143.3 bp 35.87 -7.88 % -34.18 % 03 Oct
Last Update: 3 Oct 2022 14:15 GMT+0

Portugal Yield Curve Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
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Residual
Maturity
Yield Spread vs Bond Spread vs
Central Bank
Rate (1.25%)
3 months 1 year 2 years 5 years 10 years
30 years 3.477% 222.7 bp
10 years 2.998%
174.8 bp
5 years 2.392%
114.2 bp
2 years 1.985%
73.5 bp
1 year 1.901%
65.1 bp
3 months 0.332%
-91.8 bp
Focusing on 2 years Government Bond:
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2Y vs 1Y 8.4 bp Normal Convexity in Short-Term Maturities
5Y vs 2Y 40.7 bp Normal Convexity in Mid-Term vs Short-Term Maturities
10Y vs 2Y 101.3 bp Normal Convexity in Long-Term vs Short-Term Maturities

Portugal Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here Portugal Credit Ratings History
Rating Agency Rating Outlook
Standard & Poor's
BBB+
-
Moody's Investors Service
Baa2
-
Fitch Ratings
BBB
positive
DBRS
A (low)
-

Portugal Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
Interest Rates Value
Central Bank Rate 1.25%

Portugal Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 52.10 0.00 % +1.76 % +92.25 % 0.87 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.

Portugal 10Y Bond Yield Spread

The Portugal 10Y Government Bond has a 2.998% yield. Click on Spread value for the historical serie.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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Portugal 10Y vs Current Spread Chg 1M Chg 6M
Japan 10Y 274.8 bp +40.8 bp +157.6 bp Compare
Germany 10Y 105.5 bp -1.4 bp +22.3 bp Compare
France 10Y 45.2 bp +1.0 bp +9.0 bp Compare
China 10Y 21.6 bp +27.5 bp +164.8 bp Compare
Spain 10Y -11.5 bp -1.7 bp -1.7 bp Compare
Canada 10Y -11.6 bp +40.2 bp +94.5 bp Compare
United States 10Y -63.9 bp -2.3 bp +36.0 bp Compare
Australia 10Y -88.9 bp +17.4 bp +55.5 bp Compare
United Kingdom 10Y -102.8 bp -70.4 bp -79.6 bp Compare
Italy 10Y -129.2 bp -6.8 bp -58.5 bp Compare
India 10Y -447.0 bp +18.5 bp +98.3 bp Compare
Russia 10Y -700.2 bp -22.9 bp +286.8 bp Compare
Brazil 10Y -896.5 bp +48.2 bp +61.7 bp Compare

Portugal Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
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Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
30 years 3.477% 35.87 54.31 91.20 128.09 164.98 201.87
20 years 3.317% 52.07 66.52 95.42 124.32 153.22 182.12
15 years 3.243% 61.96 73.69 97.15 120.61 144.07 167.53
10 years 2.998% 74.42 82.95 100.02 117.08 134.14 151.20
9 years 2.862% 77.57 85.41 101.08 116.75 132.43 148.10
8 years 2.767% 80.38 87.47 101.65 115.83 130.01 144.19
7 years 2.575% 83.70 90.03 102.69 115.35 128.02 140.68
6 years 2.513% 86.16 91.67 102.68 113.69 124.70 135.72
5 years 2.392% 88.85 93.51 102.83 112.15 121.47 130.80
4 years 2.154% 91.83 95.62 103.21 110.80 118.38 125.97
3 years 2.014% 94.19 97.08 102.84 108.61 114.38 120.14
2 years 1.985% 96.15 98.09 101.97 105.86 109.74 113.62
1 year 1.901% 98.13 99.12 101.08 103.04 105.00 106.97
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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