Investor Presentaiton
Debt Management in 2022
2ARDAL
2003 Agentúra pre riadenie dlhu a likvidity
2023 Debt and Liquidity Management Agency
Gross issuance originally planned at EUR 6.0 billion
Positive development in State budget deficit mostly due to elevated revenues from inflation - actual deficit of EUR 4.5 billion
lower than budgeted EUR 5.5 billion
✓ Gross issuance at lower level than planned
Substantial cash buffer
Issued EUR 5.2 billion bonds
EUR 1.0 billion - syndicated transaction in October - 10y benchmark
EUR 4.2 billion via regular auctions
Loans received in amount of EUR 0.1 billion
✓ One tranche of EIB loan
Buybacks at the end of 2022
The goal is to decrease the redemption amounts in the next year and invest cash buffer with no credit risk
Willingness of investors to sell was very limited - investors prefer to hold till maturity
キ
27
Source: Ardal as of December 2022View entire presentation