Securities administration – Portugal


Income collection

Market Record dateEx-dateBasis for entitlementStandard 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).
  • 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, in a daily Portuguese financial newspaper and on the CMVM website.

The peak season for annual general meetings is from March to May. 

Issuers are required to disclose voting results of the general meeting on the issuer’s website within 15 days after the meeting.

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.