VdA and PLMJ advise on Portugal’s bond issuance

Vieira de Almeida and PLMJ advised on the latest issuance of Floating Rate Treasury Bonds (Obrigações do Tesouro de Rendimento Variável – OTRV) by the Portuguese Republic, represented by the Treasury and Public Debt Management Agency (IGCP). PLMJ acted for the IGCP in this transaction, while VdA advised the coordinating banks involved.

This was the first operation of its kind in the past seven years and featured an innovative structure that combined a public subscription offer with a public exchange offer for floating rate Treasury bonds from the “OTRV July 2025” issuance, states the government.

The IGCP was advised by PLMJ, with a team led by André Figueiredo (partner and head of Banking & Finance and Capital Markets), and also including lawyers Rita Romão and Diogo Angeiras Leitão from the same practice.

The global coordinators involved in the transaction—Banco BPI, Banco Comercial Português, Banco de Investimento Global, Caixa – Banco de Investimento, and Novo Banco—were advised by VdA. The VdA team was led by Hugo Moredo Santos (partner, Banking & Finance) and included Rita Pereira de Abreu (senior associate, Tax), Patrícia Nunes Mesquita (associate, Banking & Finance), and Jorge Maria Montenegro (associate, Banking & Finance).

In the photo, from left to right: Hugo Moredo Santos (VdA) and André Figueiredo (PLMJ).