Structural Reforms and Economic Outlook of Slovakia
Debt Management in 2021 (cont'd)
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Total redemptions EUR 2.5 billion
EUR 1 billion bonds matured in March 2021
EUR 1.5 billion T-bills matured in January and May 2021
One syndicated bond transaction in first half of the year
EUR 1.5 billion 15Y benchmark issued in April with a re-offer yield of 0.435 % p.a.
Bond auctions stable on third Monday of each month except July, August & December
Four bonds offered in the first half of the year; three bond auctions scheduled from September
No special auctions, no auction with remuneration
ARDAL
Cheap financing continued
Weighted average yield at 0.14% p.a. (new issuance, as of 30.9; recorded all time low); weighted average maturity 12.9 years
(new issuance, as of 30.9)
Strong presence of ECB
Continuing PSPP (holdings EUR 16.4 billion; as of end of August 2021) and PEPP (holdings EUR 6.7 billion; as of end of July 2021)
In reality significantly lower monthly purchases compared to potential purchases based on ECB capital key
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Source: ArdalView entire presentation