diff --git a/RELEASE-NOTES b/RELEASE-NOTES
index 157d190..014ea78 100644
--- a/RELEASE-NOTES
+++ b/RELEASE-NOTES
@@ -1,6 +1,13 @@
 Release Notes; upgrade information mainly.
 Features/major bugfixes are listed in NEWS
 
+portage-2.3.16
+==================================
+* Bug Fixes:
+    - Bug 638292 avoid unnecessary $PKGDIR/Packages index re-write
+    - Bug 638320 emaint binhost: use _populate_local instead of _populate
+
+
 portage-2.3.15
 ==================================
 * Bug Fixes:
diff --git a/setup.py b/setup.py
index e65ea42..4d6078f 100755
--- a/setup.py
+++ b/setup.py
@@ -663,7 +663,7 @@
 
 setup(
 	name = 'portage',
-	version = '2.3.15',
+	version = '2.3.16',
 	url = 'https://wiki.gentoo.org/wiki/Project:Portage',
 	author = 'Gentoo Portage Development Team',
 	author_email = 'dev-portage@gentoo.org',