{"id":243901,"date":"2022-11-18T11:38:07","date_gmt":"2022-11-18T11:38:07","guid":{"rendered":"https:\/\/elementum.pt\/?p=243901"},"modified":"2022-11-23T12:52:17","modified_gmt":"2022-11-23T12:52:17","slug":"emissoes-de-titulos-em-portugal-setembro-de-2022","status":"publish","type":"post","link":"https:\/\/elementum.pt\/pt-pt\/emissoes-de-titulos-em-portugal-setembro-de-2022\/","title":{"rendered":"Emiss\u00f5es de T\u00edtulos em Portugal | Setembro 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\/1795\" target=\"_blank\" rel=\"noopener\">publicou<\/a>\u00a0os dados de setembro 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 setembro de 2022, as emiss\u00f5es de t\u00edtulos foram superiores \u00e0s amortiza\u00e7\u00f5es em \u20ac 4.7 mil milh\u00f5es. As emiss\u00f5es de t\u00edtulos de d\u00edvida superaram as amortiza\u00e7\u00f5es em \u20ac 5.1 mil milh\u00f5es. J\u00e1 as amortiza\u00e7\u00f5es de a\u00e7\u00f5es superaram as emiss\u00f5es em \u20ac 336.2 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 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\/AVvXsEjrc7VATtGVZ7foVDTFPRMhqC5t9uno65AcBuTJ_AzMQ-34ShwV-KhHVvKL9ePoMLK6ai7b-48msKOGzcm7uhM2LNIghe776GlSxnDnKCl3bU3abPPRvG5DMvLWt8bQRlpSgHegzdBNRP64m28TrQAgXaeCNmmubJpGwl8ExdPwsWR3zp4Cs8DNpObNOg\/s1400\/1.png\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjrc7VATtGVZ7foVDTFPRMhqC5t9uno65AcBuTJ_AzMQ-34ShwV-KhHVvKL9ePoMLK6ai7b-48msKOGzcm7uhM2LNIghe776GlSxnDnKCl3bU3abPPRvG5DMvLWt8bQRlpSgHegzdBNRP64m28TrQAgXaeCNmmubJpGwl8ExdPwsWR3zp4Cs8DNpObNOg\/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 das empresas n\u00e3o financeiras foi o que mais contribuiu para este resultado, com as emiss\u00f5es de t\u00edtulos a excederem as amortiza\u00e7\u00f5es em \u20ac 1.9 mil milh\u00f5es, seguido das administra\u00e7\u00f5es p\u00fablicas e do setor financeiro (com \u20ac 1.6 e \u20ac 1.2 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 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\/AVvXsEio9MEwbtF73eFvKRmbTwQumTG9P7_JQL6GGwuxB6zzb0GHpwK7H5pl_BF4uTmMZKpSO8rXVbvW3pdpYKhbOtrbYnbnlXGfihxu4f6brEBsE1DHqxQqhD-ZXQ_gJLJ3hBJKnHh9xe-Em5RP8uvBdLkPn2LZz9vt1C50mypZgZQPptaxsz0j4ktqhiqKJw\/s1400\/2.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEio9MEwbtF73eFvKRmbTwQumTG9P7_JQL6GGwuxB6zzb0GHpwK7H5pl_BF4uTmMZKpSO8rXVbvW3pdpYKhbOtrbYnbnlXGfihxu4f6brEBsE1DHqxQqhD-ZXQ_gJLJ3hBJKnHh9xe-Em5RP8uvBdLkPn2LZz9vt1C50mypZgZQPptaxsz0j4ktqhiqKJw\/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 setembro de 2022, o valor total de t\u00edtulos emitidos por entidades residentes era de \u20ac 467 mil milh\u00f5es (menos \u20ac 7.5 mil milh\u00f5es do que no final do m\u00eas anterior), conforme a figura 3. Para este resultado contribu\u00edram essencialmente as desvaloriza\u00e7\u00f5es ocorridas em setembro. Nesse m\u00eas, as a\u00e7\u00f5es cotadas emitidas por empresas n\u00e3o financeiras e os t\u00edtulos de d\u00edvida emitidos por administra\u00e7\u00f5es p\u00fablicas desvalorizaram-se em \u20ac 5.7 mil milh\u00f5es e em \u20ac 5.6 mil milh\u00f5es, respetivamente (figura 4).<\/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\/AVvXsEjI0wm1wo4S1I6KisCbTPilUvwwoZr2LxZeGqFogZKdGRUavQPqm_oAoKOCUXvcF8sqX_Tl-9aKdssrgGE5ltMNrrdk5ZYGI5PEZukHFssP9b5Tydx4h7e7T2hkk-JrDAfAspulQSaGsLUNEcYOzhagKTrh5We7G14seWsFB9nsy1CBBty2cJ5eSd3w7g\/s1400\/3.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjI0wm1wo4S1I6KisCbTPilUvwwoZr2LxZeGqFogZKdGRUavQPqm_oAoKOCUXvcF8sqX_Tl-9aKdssrgGE5ltMNrrdk5ZYGI5PEZukHFssP9b5Tydx4h7e7T2hkk-JrDAfAspulQSaGsLUNEcYOzhagKTrh5We7G14seWsFB9nsy1CBBty2cJ5eSd3w7g\/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\/AVvXsEh6zPHIVwNTbuHPhESdI06wi9z90Ham6HHWEAaK8XYGt7LZsrVMaRlY4AqV03Dgx4UDspUfir1csXfr8r1HMiTqAdm-RktnRHFo_eEpSrfYiLkxb5zeXzBww9PT4p44jp02uVJIe5OfvFYh6zCIaQTqdfP-kQDfbyhXcdJqhcSv0KO_Q4ERRK7m9UgDAw\/s1400\/4.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEh6zPHIVwNTbuHPhESdI06wi9z90Ham6HHWEAaK8XYGt7LZsrVMaRlY4AqV03Dgx4UDspUfir1csXfr8r1HMiTqAdm-RktnRHFo_eEpSrfYiLkxb5zeXzBww9PT4p44jp02uVJIe5OfvFYh6zCIaQTqdfP-kQDfbyhXcdJqhcSv0KO_Q4ERRK7m9UgDAw\/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 setembro de 2022, estavam previstas, para os 12 meses seguintes, amortiza\u00e7\u00f5es de \u20ac 37.9 mil milh\u00f5es (o que corresponde a 13.2% dos \u20ac 287 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\">O m\u00eas de outubro de 2022 concentrava uma parcela significativa dessas amortiza\u00e7\u00f5es: \u20ac 8.7 mil milh\u00f5es nas administra\u00e7\u00f5es p\u00fablicas; \u20ac 4.6 mil milh\u00f5es nas empresas n\u00e3o financeiras; e \u20ac 1.5 mil milh\u00f5es no setor financeiro.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;font-size: 14pt\">O Banco de Portugal afirma que, no caso das empresas n\u00e3o financeiras, as amortiza\u00e7\u00f5es previstas correspondiam, em larga medida, 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). \u00c9, por isso, 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\/AVvXsEhekK6rUhQoVW6eLHXvT6-EYvEHGdEFyemeHvfC1lu5moe5bTAC4RpOxEmifj5aNDO0p89PJozBDQkW9RKE2o_UZh3t6bRr9n7WPYiT_Sqv1r0vbQqDjc1F-7RkPiOcJAgPCeEw_zabwb2xoUj1HmQFUKsjlUyJXe16UJ0i64ze1rDSHXbuv3t2o5zKJA\/s1082\/5.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhekK6rUhQoVW6eLHXvT6-EYvEHGdEFyemeHvfC1lu5moe5bTAC4RpOxEmifj5aNDO0p89PJozBDQkW9RKE2o_UZh3t6bRr9n7WPYiT_Sqv1r0vbQqDjc1F-7RkPiOcJAgPCeEw_zabwb2xoUj1HmQFUKsjlUyJXe16UJ0i64ze1rDSHXbuv3t2o5zKJA\/s1082\/5.png\" width=\"1082\" height=\"449\" \/><\/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 setembro 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 setembro de 2022, as emiss\u00f5es de t\u00edtulos foram superiores [&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-243901","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\/243901","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=243901"}],"version-history":[{"count":0,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/243901\/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=243901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/categories?post=243901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/tags?post=243901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}