Investor Presentaiton
Liquidity covers the budgeted financing needs up to Q3-2020
Annual Funding Plan 2019
• Main financing actions for 2019 have been completed
through issuance of three international benchmark
bonds with 5-year, 15-year and 30-year maturities.
• Complementary financing through Treasury Bills,
retail bonds and loans.
⚫ Yields at the local Treasury Bills market have been in
negative territory throughout 2017-2019.
• Liquidity at year end to cover the financing needs of
the first 9 months of 2020.
EUR bn
Financing needs
2,9
Debt Redemptions 2019
Treasury Bills
0,3
Domestic Bonds
1,1
EMTNS
0,2
Loans
0,7
Prepayments 2020-2021
1,3
Fiscal needs, cash basis
-0,7
Financing Sources
2,9
Treasury Bills
0,2
EMTN
2,3
Loans
0,3
Retail bond
0,1
Source: Public Debt Management Office
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