Structural Reforms For Long-Term Development

Government Bond Portfolio Metrics 8 7 6 Average maturity increased steadily since 2012 At the same time average YTM was reduced significantly 5 4 3 ARDAL 4.5 H 4.0 3.5 3.0 2.5 2.0 20 15 1.5 1.0 0.5 2 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: ARDAL as of 31/12/2018 Avg. Maturity (years, Ihs) + 26 Average YTM (%, new issuance, rhs)

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