{"id":243583,"date":"2022-08-24T13:10:39","date_gmt":"2022-08-24T12:10:39","guid":{"rendered":"https:\/\/elementum.pt\/?p=243583"},"modified":"2022-10-10T15:48:46","modified_gmt":"2022-10-10T14:48:46","slug":"emissoes-de-titulos-em-portugal-junho-de-2022","status":"publish","type":"post","link":"https:\/\/elementum.pt\/pt-pt\/emissoes-de-titulos-em-portugal-junho-de-2022\/","title":{"rendered":"Emiss\u00f5es de T\u00edtulos em Portugal | Junho de 2022"},"content":{"rendered":"<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">O Banco de Portugal <a href=\"https:\/\/bpstat.bportugal.pt\/conteudos\/noticias\/1724\" target=\"_blank\" rel=\"noopener\">publicou<\/a>\u00a0os dados de junho de 2022 sobre as emiss\u00f5es e amortiza\u00e7\u00f5es de t\u00edtulos em Portugal. 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\/ou no privado) aumenta.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Em junho, as emiss\u00f5es de t\u00edtulos deduzidas das amortiza\u00e7\u00f5es totalizaram \u20ac 1.8 mil milh\u00f5es, dos quais \u20ac 1.5 mil milh\u00f5es referentes a t\u00edtulos de d\u00edvida e \u20ac 300 milh\u00f5es a a\u00e7\u00f5es.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Figura 1 \u2013 T\u00edtulos Emitidos, por Instrumento |Emiss\u00f5es Deduzidas de Amortiza\u00e7\u00f5es, em Milh\u00f5es de Euros<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEijufYY8JsYT3ueSu7X2sK8pfcUByC8qkQi_M_F9tW_9yN6osIRyvGfrC9x-G-5j56GQQevuV_9PJSwqPohhtcaHRDrKQ1zfqz-U1-mpjHhFPAcFFNb51-vpNJdIzBFyjouZPyNO2GRhwzEXAQ8zMa93DR21z-j668ILuRyer7iTFbpDdZnswICzztLrw\/s1400\/1.png\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEijufYY8JsYT3ueSu7X2sK8pfcUByC8qkQi_M_F9tW_9yN6osIRyvGfrC9x-G-5j56GQQevuV_9PJSwqPohhtcaHRDrKQ1zfqz-U1-mpjHhFPAcFFNb51-vpNJdIzBFyjouZPyNO2GRhwzEXAQ8zMa93DR21z-j668ILuRyer7iTFbpDdZnswICzztLrw\/s1400\/1.png\" width=\"1400\" height=\"650\" \/><\/a><\/p>\n<p style=\"text-align: center\"><span style=\"font-size: 10pt\"><strong><span style=\"font-family: verdana, geneva, sans-serif\">Fonte: Banco de Portugal.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">O setor financeiro foi o que mais contribuiu para este resultado, com as emiss\u00f5es de t\u00edtulos a excederem as amortiza\u00e7\u00f5es em \u20ac 1.5 mil milh\u00f5es. As administra\u00e7\u00f5es p\u00fablicas tamb\u00e9m emitiram t\u00edtulos que excederam as amortiza\u00e7\u00f5es, em \u20ac 500 milh\u00f5es. Pelo contr\u00e1rio, as empresas n\u00e3o financeiras amortizaram t\u00edtulos num montante superior \u00e0s emiss\u00f5es em \u20ac 300 milh\u00f5es.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Figura 2 \u2013 T\u00edtulos Emitidos, por Setor Institucional | Emiss\u00f5es Deduzidas de Amortiza\u00e7\u00f5es, em Milh\u00f5es de Euros<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjLeh82RX2cJi14LuaJXXUs2uZ6IQ7vaSMKA1NMJiG3zsjsVdWRB96tZ7tEl0Nr_sgMC3lOwKKextVuv0G-SKIBQfoBcaTtO9N4jTvoqrCIEVUN0_-lAS2BRQyLRSj44a_N8CZLPqEX2CnRbezwAF-GmsrDAOOElPrjLVUlrL2HPuuJRm9pQPZtbJVUZA\/s1400\/2.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjLeh82RX2cJi14LuaJXXUs2uZ6IQ7vaSMKA1NMJiG3zsjsVdWRB96tZ7tEl0Nr_sgMC3lOwKKextVuv0G-SKIBQfoBcaTtO9N4jTvoqrCIEVUN0_-lAS2BRQyLRSj44a_N8CZLPqEX2CnRbezwAF-GmsrDAOOElPrjLVUlrL2HPuuJRm9pQPZtbJVUZA\/s1400\/2.png\" width=\"1400\" height=\"650\" \/><\/a><\/p>\n<p style=\"text-align: center\"><span style=\"font-size: 10pt\"><strong><span style=\"font-family: verdana, geneva, sans-serif\">Fonte: Banco de Portugal.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">No final de junho de 2022, o valor total de t\u00edtulos emitidos por entidades residentes era de \u20ac 481.9 mil milh\u00f5es (figura 3 &#8211; linha azul), \u20ac 3.6 mil milh\u00f5es a menos do que no m\u00eas anterior). Para esta redu\u00e7\u00e3o contribu\u00edram as desvaloriza\u00e7\u00f5es ocorridas em junho, que mais do que compensaram o valor positivo registado nas emiss\u00f5es deduzidas de amortiza\u00e7\u00f5es. Nesse m\u00eas, os t\u00edtulos de d\u00edvida emitidos por administra\u00e7\u00f5es p\u00fablicas (figura 4 &#8211; linha azul) e as a\u00e7\u00f5es emitidas por empresas n\u00e3o financeiras e pelo setor financeiro (figura 3 &#8211; linha marrom claro) desvalorizaram-se em \u20ac 2.9 mil milh\u00f5es e \u20ac 1.7 mil milh\u00f5es, respetivamente.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Figura 3 \u2013 T\u00edtulos Emitidos, por Tipo de Instrumento | Valor em Fim de M\u00eas, em Milh\u00f5es de Euros<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiUfd34IYygagAHwGUTYkCraL-JVKI04Iod4vve-TOWfBLZxtIgGG9kzyUoCXRT2vyVTDYAfaM1OqjxGfARFHOPSl23qtMq3ufaQuARr_0QFjPqELU3hKndqwxHysNomI0WovTinjyCJ2Jc4q80wVkNkenQ4U4R-7yycXptnTdsln8aV7F78qyzAISUUQ\/s1400\/3.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiUfd34IYygagAHwGUTYkCraL-JVKI04Iod4vve-TOWfBLZxtIgGG9kzyUoCXRT2vyVTDYAfaM1OqjxGfARFHOPSl23qtMq3ufaQuARr_0QFjPqELU3hKndqwxHysNomI0WovTinjyCJ2Jc4q80wVkNkenQ4U4R-7yycXptnTdsln8aV7F78qyzAISUUQ\/s1400\/3.png\" width=\"1400\" height=\"650\" \/><\/a><\/p>\n<p style=\"text-align: center\"><span style=\"font-size: 10pt\"><strong><span style=\"font-family: verdana, geneva, sans-serif\">Fonte: Banco de Portugal.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Figura 4 \u2013 T\u00edtulos Emitidos, por Setor Institucional | Valor em Fim de M\u00eas, em Milh\u00f5es de Euros<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEindURBkONFQsem5Tr5KmX6VRmLc9p5YKDk_tUd7KV94jjbTHNHyFVxUXBn9nufPjN_V6Qxdqq_Wtz2D63IrZOw1uWdG8RZtMAi83bstBk0iUnNV6u8MJcwkx9yCQFOGu2tsxfLPkxYUyS58glYvI_3OSmgtIC2sxaMrMZuE4xYQFW9mBeZfnYDnJK5cA\/s1400\/4.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEindURBkONFQsem5Tr5KmX6VRmLc9p5YKDk_tUd7KV94jjbTHNHyFVxUXBn9nufPjN_V6Qxdqq_Wtz2D63IrZOw1uWdG8RZtMAi83bstBk0iUnNV6u8MJcwkx9yCQFOGu2tsxfLPkxYUyS58glYvI_3OSmgtIC2sxaMrMZuE4xYQFW9mBeZfnYDnJK5cA\/s1400\/4.png\" width=\"1400\" height=\"650\" \/><\/a><\/p>\n<p style=\"text-align: center\"><span style=\"font-size: 10pt\"><strong><span style=\"font-family: verdana, geneva, sans-serif\">Fonte: Banco de Portugal.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">No final de junho, estavam previstas, para os 12 meses seguintes, amortiza\u00e7\u00f5es de \u20ac 39.6 mil milh\u00f5es (13.3% dos \u20ac 296.9 mil milh\u00f5es de t\u00edtulos de d\u00edvida vivos naquela data).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Destacavam-se as administra\u00e7\u00f5es p\u00fablicas (com amortiza\u00e7\u00f5es de \u20ac 8.8 mil milh\u00f5es calendarizadas para outubro de 2022), o setor financeiro (com amortiza\u00e7\u00f5es de \u20ac 3.5 mil milh\u00f5es previstas para julho de 2022) e as empresas n\u00e3o financeiras (com \u20ac 2.8 mil milh\u00f5es de amortiza\u00e7\u00f5es previstas tamb\u00e9m para julho de 2022).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">As amortiza\u00e7\u00f5es previstas no caso das empresas n\u00e3o financeiras correspondiam, sobretudo, a papel comercial (um instrumento de financiamento de curto prazo muito utilizado pelas empresas portuguesas e que \u00e9 habitualmente objeto de renova\u00e7\u00e3o, isto \u00e9, de amortiza\u00e7\u00e3o acompanhada de nova emiss\u00e3o, igualmente de curto prazo). Por isso, afirma o Banco de Portugal, \u00e9 previs\u00edvel que se registe sistematicamente um valor elevado de amortiza\u00e7\u00f5es calendarizadas para os 30 dias ap\u00f3s o fim do m\u00eas.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Figura 5 \u2013 Amortiza\u00e7\u00f5es Calendarizadas de T\u00edtulos de D\u00edvida, Em Milh\u00f5es de Euros<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjeJ0CoVCa0KmoIt9bQiUzn1ksCOPFZ4o9XFRCMSVH5IENlqgj5nJ-hmeEhCDDd9KHLQtaRZmKbqznWIwX6Jpi1WT8TshGI05eEQLqo9iNHrZYgHQ2vEnfqmSdxp_9z0NhaZ3BTR9BGiLwjSoTpLOOuunwJRv2C0q7zkhu4yneYhIol-N9vbRECRSstWQ\/s1085\/5.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjeJ0CoVCa0KmoIt9bQiUzn1ksCOPFZ4o9XFRCMSVH5IENlqgj5nJ-hmeEhCDDd9KHLQtaRZmKbqznWIwX6Jpi1WT8TshGI05eEQLqo9iNHrZYgHQ2vEnfqmSdxp_9z0NhaZ3BTR9BGiLwjSoTpLOOuunwJRv2C0q7zkhu4yneYhIol-N9vbRECRSstWQ\/s1085\/5.png\" width=\"1085\" height=\"554\" \/><\/a><\/p>\n<p style=\"text-align: center\"><span style=\"font-size: 10pt\"><strong><span style=\"font-family: verdana, geneva, sans-serif\">Fonte: Banco de Portugal.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">Andr\u00e9 Marques<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>O Banco de Portugal publicou\u00a0os dados de junho de 2022 sobre as emiss\u00f5es e amortiza\u00e7\u00f5es de t\u00edtulos em Portugal. 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\/ou no privado) aumenta. &nbsp; Em junho, as emiss\u00f5es de t\u00edtulos deduzidas das amortiza\u00e7\u00f5es totalizaram [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":239629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-243583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sem-categoria"],"_links":{"self":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/243583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/comments?post=243583"}],"version-history":[{"count":0,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/243583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media\/239629"}],"wp:attachment":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media?parent=243583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/categories?post=243583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/tags?post=243583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}