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Portuguese Experience with GDP-Indexed Treasury Certificates
Highlights: Reengaging with domestic retail investors was an important part of the process to regain market access since 2013. Net issuance of retail instruments had a major contribution to the funding plan since 2013. Treasury Certificates with premium indexed to real GDP growth. GDP-linkers vs GDP-floaters. Treasury Certificates recalibrated in 2017. Obstacles and limitations to the issuance of GDP-indexed bonds.