Investor Presentaiton
Public Debt Management Strategy
Cornerstones in Public Debt Management Strategy 2016-20
Target
Smoothening of debt maturity
profile and increase of
marketable debt maturity
Maintaining liquid funds for at
least the next 9-month period
Risk mitigation via reduced
exposure to foreign currency and
interest rate risks
Building of international bond
yield curve
Progress
On course: Average maturity
of marketable and total debt
extended
On course
On
course:
new issuance
completed in EUR, fixed rate
format only
On course: at least one
benchmark issuance per
annum achieved; Yield curve
extended up to 30-year tenor
New Public Debt Management Strategy 2020-2022
• Strategically, the international bonds will continue to be the
main financing instrument to achieve further extension of yield
curve and increase in debt maturity. The domestic market will
continue to serve as a complimentary financing source.
• Focusing on longer-term, fixed-rate, euro denominated
issuances to assume low new risk into portfolio.
•
•
Enhancement of the secondary market functioning.
Enhancement of investor relations and expansion of investor
base in order to reduce further the cost of debt.
Share of international bonds in total debt stock, %
55
60
60
55
65
64
61
49
40
38
28
On
course:
higher
24
22
Enhancement
relations and
of investor
18
expansion of
investor base
diversification and larger
orderbooks recorded in
primary issuances
13
14
2013
2014
2015
2016
2017
2018
Sep-19
Foreign bonds
Official loans
30
30View entire presentation