Recovery of the Greek Economy
3 CONTAINED REFINANCING RISKS
Over the past three years, Greece has continuously extended the average maturity of its new GGB
issuances: it stands at 13.3-Y this year (to date), against 11.2-Y in 2020 and 7.7-Y in 2019
Weighted average maturity of GGBs issuance, each year since 2019 (in years)
7.7-Y
in 2019
11.2-Yi
in 2020
13.3-Y
in 2021 to date
I
Amount of GGBs issued since 2019 by maturities (in EURbn)
14,0
6,0
I
5,5
4,5
3,0
2,0
1,5
5,5
2,0
2,5
2,5
2,5
"
-
1,5
(1) 2,5
2,0 2,5
"
-
Tenor at
issuance:
T
1
2
3
4
5
6
7
8
9
10 11
12 13 14 15 16
17 18
19 20 21
22 23
24
25 26 27 28
(in years)
Year of issuance:
■2019
2020
■2021
Note: (1) Tap of a benchmark; The initial issuance of this benchmark was conducted earlier in the same year - hence with a slightly longer tenor (displayed one year later (to the right) on the graph)
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FUNDING THROUGHOUT THE RECOVERY
Source: PDMA
29
29
2,5
2,5
30
30
31
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