By Emese Bartha

Portugal's government-bond issuance target was revised lower versus initial estimates, even as the country's net financing needs remain unchanged, the country's debt agency said Friday.

It now projects government-bond issuance, net of buybacks, at 15.2 billion euros ($16.57 billion) in 2023, a decrease of EUR4.6 billion compared to the initial estimate, it said.

"In 2023, while net financing needs remain unchanged, net issuance of retail debt certificates is projected to be EUR12 billion euros," the debt agency said, adding that this is an increase of EUR8.5 billion in relation to the initial estimate.

The 10-year Portuguese government-bond yield is trading 1 basis point lower at 3.198%, slightly outperforming German Bunds, according to Tradeweb. The 10-year Bund yield is trading about 1 basis point higher at 2.370%, according to Tradeweb.

Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

March 31, 2023 08:45 ET (12:45 GMT)

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