{"id":242950,"date":"2022-06-20T15:29:49","date_gmt":"2022-06-20T14:29:49","guid":{"rendered":"https:\/\/elementum.pt\/2022\/06\/20\/emissoes-de-titulos-em-portugal-abril-de-2022\/"},"modified":"2022-08-01T12:30:36","modified_gmt":"2022-08-01T11:30:36","slug":"emissoes-de-titulos-em-portugal-abril-de-2022","status":"publish","type":"post","link":"https:\/\/elementum.pt\/pt-pt\/emissoes-de-titulos-em-portugal-abril-de-2022\/","title":{"rendered":"Emiss\u00f5es de T\u00edtulos em Portugal | Abril de 2022"},"content":{"rendered":"<p style=\"text-align:center;\"><span><span style=\"font-family:Verdana;font-size:18px;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/euro-eur-1.png\" width=\"600\" height=\"250\" alt=\"\" \/><br \/><\/span><\/span><\/p>\n<p style=\"text-align:justify;\"><span><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O Banco de Portugal <a href=\"https:\/\/bpstat.bportugal.pt\/conteudos\/noticias\/1683\/\" target=\"_blank\" rel=\"noopener\">publicou<\/a> <\/span><span style=\"font-family:Verdana;font-size:18px;\">os dados de abril de 2022 sobre as emiss\u00f5es e amortiza\u00e7\u00f5es de t\u00edtulos emPortugal. Quando as emiss\u00f5es de t\u00edtulos s\u00e3o maiores do que as amortiza\u00e7\u00f5es,significa que o endividamento presente no pa\u00eds (no setor p\u00fablico e no privado)aumenta.<\/span><\/p>\n<p style=\"text-align:justify;\"><span><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Em abril, as emiss\u00f5es de t\u00edtulos foramsuperiores \u00e0s amortiza\u00e7\u00f5es em \u20ac 3.1 mil milh\u00f5es, dos quais \u20ac 2,9 mil milh\u00f5escorresponderam a t\u00edtulos de d\u00edvida.<\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 1 \u2013 T\u00edtulos Emitidos, por Instrumento |Emiss\u00f5es Deduzidas de Amortiza\u00e7\u00f5es, em Milh\u00f5es de Euros<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/8_1-1.png\" width=\"900\" height=\"400\" alt=\"\" \/><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: Banco de Portugal.<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O setor das administra\u00e7\u00f5es p\u00fablicas foi o maiorrespons\u00e1vel por este resultado, com as emiss\u00f5es de t\u00edtulos a excederem as amortiza\u00e7\u00f5esem \u20ac 3.6 mil milh\u00f5es. J\u00e1 as empresas n\u00e3o financeiras e o setor financeiroamortizaram t\u00edtulos num montante superior ao emitido, em \u20ac 500 e \u20ac 100 milh\u00f5es,respetivamente.<\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 2 \u2013 T\u00edtulos Emitidos, por SetorInstitucional | Emiss\u00f5es Deduzidas de Amortiza\u00e7\u00f5es, em Milh\u00f5es de Euros<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/8_2-1.png\" width=\"900\" height=\"400\" alt=\"\" \/><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: Banco de Portugal.<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">No final de abril de 2022, o valor total det\u00edtulos emitidos por entidades residentes foi de \u20ac 485.8 mil milh\u00f5es (figura 3),sendo uma redu\u00e7\u00e3o de \u20ac 3.9 mil milh\u00f5es em rela\u00e7\u00e3o ao m\u00eas anterior. Esta descidafoi justificada, essencialmente, pelas desvaloriza\u00e7\u00f5es de t\u00edtulos de d\u00edvidap\u00fablica e de a\u00e7\u00f5es cotadas emitidas por empresas n\u00e3o financeiras e pelo setorfinanceiro (figura 4).<\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 3 \u2013 T\u00edtulos Emitidos, por Tipo deInstrumento | Valor em Fim de M\u00eas, em Milh\u00f5es de Euros<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/7_3-1.png\" width=\"900\" height=\"400\" alt=\"\" \/><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: Banco de Portugal.<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 4 \u2013 T\u00edtulos Emitidos, por SetorInstitucional | Valor em Fim de M\u00eas, em Milh\u00f5es de Euros<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/5_4-1.png\" width=\"900\" height=\"400\" alt=\"\" \/><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: Banco de Portugal.<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O Banco de Portugal tamb\u00e9m afirma que, dototal de \u20ac 301.9 mil milh\u00f5es em t\u00edtulos de d\u00edvida vivos no final de abril,estavam previstas, para os 12 meses seguintes, amortiza\u00e7\u00f5es de \u20ac 43.7 milmilh\u00f5es, o que corresponde a 14.5% do total.<\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Destacavam-se as administra\u00e7\u00f5es p\u00fablicas (comamortiza\u00e7\u00f5es de \u20ac 8.8 mil milh\u00f5es calendarizadas para outubro de 2022), asempresas n\u00e3o financeiras (com \u20ac 3.8 mil milh\u00f5es de amortiza\u00e7\u00f5es previstas paramaio de 2022), e o setor financeiro (com amortiza\u00e7\u00f5es de \u20ac 3.4 mil milh\u00f5es deeuros em julho de 2022). As amortiza\u00e7\u00f5es previstas nas empresas n\u00e3o financeirascorrespondem, sobretudo, a papel comercial (um instrumento de financiamento decurto prazo muito utilizado pelas empresas portuguesas e que \u00e9 habitualmenteobjeto de renova\u00e7\u00e3o, isto \u00e9, de amortiza\u00e7\u00e3o acompanhada de nova emiss\u00e3o, igualmentede curto prazo). \u00c9, por isso, previs\u00edvel que se registe sistematicamente umvalor elevado de amortiza\u00e7\u00f5es calendarizadas para os 30 dias ap\u00f3s o fim do m\u00eas.<\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 5 \u2013 Amortiza\u00e7\u00f5es Calendarizadas deT\u00edtulos de D\u00edvida, Em Milh\u00f5es de Euros<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/5_5-1.png\" width=\"900\" height=\"400\" alt=\"\" \/><br \/><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: Banco de Portugal.<\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong><br \/><\/strong><\/span><\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Andr\u00e9 Marques<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>O Banco de Portugal publicou os dados de abril de 2022 sobre as emiss\u00f5es e amo<\/p>\n","protected":false},"author":4,"featured_media":242648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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