Portrait of an Ascending Sovereign Credit
USD!
EUR
Central Government Debt Profile
International Loan Programme has been largely refinanced in international capital markets, while government debt
redemptions remain moderate.
Debt structure by Instruments
(milion EUR)
Debt Redemption Profile (EUR million)
1 600
12 000
1 400
1 200
10 000
1 000
800
8 000
600
400
T
6.000
4.000
2 000
200
0
Oct-
Dec
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
2035
2036 2037 2047 2048->=205(
-2046
2049
0
1Q15
■ Other
Source: The Treasury, September 2020
3Q15 1Q16 3Q16 1Q17 3Q17
Domestic T-bills ■Domestic T-bonds
1Q18
3Q18
Eurobonds
1Q19 3Q19
■Loans from financial institutions
1Q20
3Q20
■Domestic debt redemption
EC loan (Program)
Source: The Treasury, October 2020
Outstanding Bonds in the International Markets (nominal
Other external debt liabilities
Eurobonds
World Bank loan (Program)
Debt Portfolio Management
amount, million)
2049 1.875% 19/02/2049
2047
2.250% 15/02/2047
2036
1.375% 16/05/2036
2028
1.125% 30/05/2028
2026
0.375% 07/10/2026
2025
1.375% 23/09/2025
2024
2.875% 30/04/2024
2023
0.125% 14/04/2023
2021
2.625% 21/01/2021
2020
0.500% 15/12/2020
2021
5.250% 16/06/2021
200
400
600
800
1000
1 200
1 400
Source: The Treasury
32
Parameters
Strategy
30/06/2020 30/09/2020
Maturity profile (%)
up to 1 year
≤ 25%
22.6%
23.5%
•
up to 3
year
≤ 50%
38.6%
39.1%
Share of fixed rate (1)
≥ 60%
80.4%
78.4%
Macaulay duration
(years)
5.00 9.00
6.93
6.50
Net debt (2) currency
composition
100% EUR with a
deviation of +/-
5%
100.06%
100.53%
Source: The Treasury | (1) Fixed rate central government debt with a maturity over one
year; (2) Central government debt at the end of the period less the amount of loans and
receivables, where impairment loss of guarantees are not taken in account (including
Treasury's cash accounts, investments in deposits and fixed income securities, loans,
receivables (including receivables of derivative financial instruments which are not
classified as risky from credit risk perspective)), and increased by provisions of guarantees
as well as liabilities of derivative financial instruments which are
not classified as risky from credit risk perspective.View entire presentation