COUNTRY • PORTUGAL
Last Update: 7 Jun 2023 2:23 GMT+0

The Portugal 10Y Government Bond has a 3.078% yield.

10 Years vs 2 Years bond spread is 31.7 bp.
Normal Convexity in Long-Term vs Short-Term Maturities.

Central Bank Rate is 3.75% (last modification in May 2023).

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

Current 5-Years Credit Default Swap quotation is 48.08 and implied probability of default is 0.80%.

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Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
3 months 2.960% +17.7 bp +211.8 bp 07 Jun
6 months 2.924% -17.8 bp +158.1 bp 07 Jun
1 year 2.454% -20.8 bp +34.0 bp 97.60 +0.20 % -0.34 % 07 Jun
2 years 2.761% -6.2 bp +56.2 bp 94.70 +0.13 % -1.09 % 07 Jun
3 years 2.727% +4.4 bp +74.5 bp 92.25 -0.12 % -2.15 % 07 Jun
4 years 2.735% +5.8 bp +72.1 bp 89.77 -0.22 % -2.77 % 07 Jun
5 years 2.689% -1.6 bp +62.1 bp 87.58 +0.08 % -2.98 % 07 Jun
6 years 2.797% +1.5 bp +63.0 bp 84.75 -0.08 % -3.62 % 07 Jun
7 years 2.775% -5.8 bp +52.5 bp 82.56 +0.39 % -3.53 % 07 Jun
8 years 2.875% -6.2 bp +44.5 bp 79.71 +0.48 % -3.41 % 07 Jun
9 years 2.955% -7.8 bp +43.8 bp 76.94 +0.68 % -3.76 % 07 Jun
10 years 3.078% -7.9 bp +41.7 bp 73.85 +0.78 % -3.97 % 07 Jun
15 years 3.531% +1.0 bp +63.0 bp 59.42 -0.15 % -8.75 % 07 Jun
20 years 3.560% -6.4 bp +62.0 bp 49.68 +1.24 % -11.32 % 07 Jun
30 years 3.592% -11.0 bp +52.9 bp 34.69 +3.24 % -14.24 % 07 Jun
Last Update: 7 Jun 2023 2:23 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 (3.75%)
3 months 1 year 2 years 5 years 10 years
30 years 3.592% -15.8 bp
10 years 3.078%
-67.2 bp
5 years 2.689%
-106.1 bp
2 years 2.761%
-98.9 bp
1 year 2.454%
-129.6 bp
3 months 2.960%
-79.0 bp
Focusing on 2 years Government Bond:
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2Y vs 1Y 30.7 bp Normal Convexity in Short-Term Maturities
5Y vs 2Y -7.2 bp Yield Curve is inverted in Mid-Term vs Short-Term Maturities
10Y vs 2Y 31.7 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
positive
Fitch Ratings
BBB+
-
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 3.75%

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 48.08 -4.61 % -9.10 % -7.88 % 0.80 %
(*) 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 3.078% 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 266.0 bp -8.2 bp +24.6 bp Compare
Germany 10Y 70.9 bp -15.9 bp -19.1 bp Compare
China 10Y 36.1 bp -5.0 bp +60.2 bp Compare
France 10Y 17.4 bp -11.7 bp -25.4 bp Compare
Canada 10Y -22.1 bp -44.4 bp -11.2 bp Compare
Spain 10Y -27.3 bp -7.1 bp -17.9 bp Compare
United States 10Y -58.8 bp -31.0 bp +16.6 bp Compare
Australia 10Y -75.7 bp -50.0 bp -12.4 bp Compare
Italy 10Y -107.5 bp -3.8 bp -13.1 bp Compare
United Kingdom 10Y -111.5 bp -50.0 bp -72.7 bp Compare
India 10Y -389.9 bp -4.2 bp +70.9 bp Compare
Russia 10Y -774.2 bp -24.9 bp -25.8 bp Compare
Brazil 10Y -804.9 bp +91.9 bp +218.0 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 3.592% 34.69 52.87 89.24 125.60 161.96 198.33
20 years 3.560% 49.68 63.81 92.08 120.36 148.63 176.90
15 years 3.531% 59.42 70.91 93.90 116.88 139.87 162.85
10 years 3.078% 73.85 82.34 99.34 116.33 133.32 150.32
9 years 2.955% 76.94 84.75 100.35 115.96 131.56 147.17
8 years 2.875% 79.71 86.77 100.88 115.00 129.11 143.22
7 years 2.775% 82.56 88.85 101.41 113.98 126.55 139.11
6 years 2.797% 84.75 90.20 101.11 112.01 122.92 133.83
5 years 2.689% 87.58 92.20 101.44 110.68 119.92 129.16
4 years 2.735% 89.77 93.51 100.99 108.47 115.95 123.44
3 years 2.727% 92.25 95.09 100.78 106.46 112.15 117.84
2 years 2.761% 94.70 96.62 100.46 104.30 108.14 111.98
1 year 2.454% 97.60 98.58 100.53 102.49 104.44 106.39
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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