Investor Presentaiton
Annual Funding Plan 2023
Financing needs and sources
Financing needs
AFP in
2022
EUR bn
AFP in
2023
EUR bn
The main funding of the AFP 2022 is through the
issuance of one international benchmark bond
and at a lesser extent through other financing
sources.
1.8
1.1
Debt Redemptions
2.2
1.5
Treasury Bills
0.3
0.1
Domestic Bonds-Retail bonds
0.8
0.3
EMTNS
1.0
1.0
Loans
0.1
0.1
Fiscal needs, cash basis
(0.4)
(0.4)
Financing Sources (upper borrowing limit)
1.8
1.5
Treasury Bills
0.14
0.3
EMTN
1.0
1.0
Loans
0.13
0.18
Retail bond
0.02
0.04
Utilization of cash reserves (minus sign=increase) 0.51
-0.4
Complementary financing through Retail bonds,
Treasury bills and loans. The yields of 3-month
Treasury Bills turned to positive territory since June
2022 with the weighted average yield at 0.37% in
2022 compared to -0.36% in 2021.
Very strong cash position with the liquidity at
the end of 2022 covering more than 3.5 times
the next 9-month financing needs of the year
2023.
The main financing instrument of AFP 2023
remains the international bonds which takes the
form of a sustainability bond. Lower financing
needs in 2023 due to lower debt redemptions
and projected fiscal surplus.
Source: Public Debt Management Office
Note: Discrepancies between the totals and the sum of constituent items are contributed to rounding.
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