Recovery of the Greek Economy
GREECE FUNDING STRATEGY ENTAILS PROACTIVE DEBT
MANAGEMENT (CONT'D)
Over the past two years, PDMA has tapped the bond market on a regular basis so as to enhance the GGB
yield curve and proactively manage refinancing risks
Overview of PDMA recent GGB issuances (¹) and liability management operations
Feb. 2019,
Jul. 2019,
EUR 2.5bn 5-Y
EUR 2.5bn 7-Y
Jan. 2020,
EUR 2.5bn 15-Y
Jun. 2020,
EUR 3.0bn 10-Y
Oct. 2020,
EUR 2.0bn 15-Y
Mar 2021,
EUR 2.5bn 30-Y
Jun 2021,
EUR 2.5bn 10-Y
Mar. 2019,
Oct. 2019,
Apr 2020,
EUR 2.5bn 10-Y
EUR 1.5bn 10-Y
EUR 2.0bn 7-Y
Sep. 2020,
EUR 2.5bn 10-Y
Jan 2021,
EUR 3.5bn 10-Y
May 2021,
EUR 3.0bn 5-Y
2019
2020
2021
Nov. 2019
Early pre-payment of
EUR 2.7bn of IMF loan
Jan. 2021
EUR 2.0bn private
placement
Mar. 2021
Early pre-payment of
EUR 3.3bn of IMF loan
Active management of T-bills so to contain refinancing risks - reduced by EUR 2.6bn between end-2018 and June 2021
Source: PDMA
Note: (1) Re-openings are indicated in light color
The regular market funding operations has been positively perceived by the financial community
"Greece has spent quite a few years rebuilding its bond curve and this is
the final piece of the puzzle. It is quite emblematic, but equally there's
a very cold-blooded financial rationale beneath it. For Greece, this
transaction is something which allows them to be seen as a fully-
fledged rates issuer that should be traded by the major accounts.
Overall, this does allow Greece to rejoin the club"
SERGEY SUDAKOV, HEAD OF DCM FOR CENTRAL AND EASTERN EUROPE, BNP PARIBAS / 19
MARCH 2021
"The issue continued Greece's return to the markets after three bailouts
during the euro zone debt crisis and underlined the sharp change in
sentiment since the turmoil of those years. [...] Despite the problems
posed by the coronavirus, the success of the [latest] issue, which allowed
Greece to build out its yield curve, was "a vote of confidence to Greek
economy from investors'
REUTERS NEWS/17 MARCH 2021
||| FUNDING THROUGHOUT THE RECOVERY
13View entire presentation