IGCP Utilizes Bloomberg’s Enhanced Bond Auction System to Streamline Switch Auctions

LONDON – The Portuguese Treasury and Debt Management Agency (IGCP) has selected Bloomberg to streamline how IGCP carries out switch operations in the Portuguese government bond markets, bringing greater efficiency and scalability to debt management.

The new workflow is utilized within the Bloomberg Auction System (BAS) – the technology solution which has supported government bond auctions for IGCP since early 2014. Switch operations, a long-established practice of IGCP’s debt management toolkit, allow investors to exchange off-the-run bonds for on-the-run securities. Using Bloomberg’s new workflow, these operations can now be completed in a single electronic transaction, reducing operational steps and simplifying the settlement process.

Pedro Cabeços, CEO at IGCP, commented on the event: “Switch auctions are an important part of Portugal’s debt management strategy, and we are pleased to implement them by using Bloomberg’s Auction System. This new workflow enhances the efficiency of our operations and offers market participants a more effective tool to manage their bond holdings. Bloomberg’s continued support has been instrumental in ensuring that our market infrastructure keeps pace with international best practices.”

Nicholas Bean, Global Head of Electronic Markets at Bloomberg, said: “We are happy to support IGCP in enhancing their switch auctions via the Bloomberg Auction System, which now provides an optimal and scalable solution for primary market issuers, reducing operational risk and improving efficiency. It demonstrates Bloomberg’s commitment to delivering robust technology solutions that enable sovereign debt managers to operate with greater transparency and flexibility.”

BAS is part of Bloomberg’s enterprise solutions for central banks and government financial agencies. It is a technological solution which is used to perform auction tenders electronically, and by market participants to track these auctions and enter bids. It additionally provides a secure environment to issue debt, buy back debt, and conduct open market operations. Fully integrated with Bloomberg data, news, analytics, and communications tools, the system is used by issuers and market participants in more than 40 countries worldwide.

About IGCP
IGCP is the institution responsible for managing the public debt and treasury of the Portuguese State. Its main function is to ensure the financing of the State under the most favorable market conditions through the issuance and management of public debt securities, such as Treasury bonds. It also promotes stability and efficiency in the administration of government financial resources, ensuring sufficient liquidity to meet the State’s financial needs and effectively managing public debt risks. For more information, visit igcp.pt/en

About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

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Gauri Andriks, gandriks@bloomberg.net, +1-212-617-6361
Becca Parlby, bparlby@bloomberg.net, +44-20-35250572