Securities administration - Portugal
Income collection
| Market Record date | Ex-date | Basis for entitlement | Standard interest calculation rule | |
| Coupon payment | Payment date -1 | Payment date -2 | Settled position on Record date | Corporate bonds: Actual/Actual or 30/360 Public debt: Actual/Actual or Act/360 |
| Dividend payment | Payment date -1 | Payment date -2 | Settled position on Record date | Not applicable |
Other market specifics
- Coupon payment date
Coupon payment date = record date +1 business day (for both fixed-rate bonds and equities). - Interest payment frequency
Fixed-rate government bonds (OTs) and floating-rate bonds (OTRVs): annual or semi-annual. - Automatic coupon compensation operated by the domestic CSD or by the depository (for trades that were due to settle cum-coupon, but which settle ex-coupon).
Automatic compensation operated by the depository - Definition of applicable compensation rules
There are no standard compensation rules that are accepted by all market players. CBL has an agreed procedure with its depository.
Corporate actions
Most common corporate events
The most important corporate actions in the Portuguese market are: rights issues, bonus issues, public offers mergers, share conversions, convertible bond conversion.
Organisation of AGM/EGMs
With the transposition of the European Union Directive on Shareholder Rights (2007/36/EC), issuing companies are obliged to publish any information and documents related to the general meetings (GM) in their official websites. Listed companies are also obliged to announce the GM details in the Euronext Lisbon Bulletin and CMVM.
For shareholder GMs, the market rule states that the announcement must be issued at least 21 days prior to the meeting date through an official publication. For Bondholders and non-listed company GMs, the announcement must be issued at least 30 days in advance of the meeting date.
Proxy voting procedures
Voting can be exercised in the market either physically or by providing a power of attorney.