Investor Presentaiton
Debt Management Outlook in 2023
Total redemptions EUR 4.6 billion equivalent
EUR 3.0 billion - bond maturing in February
EUR 1.5 billion - bond maturing in November
EUR 0.14 billion equivalent - CHF 0.175 billion bond maturing October
Uncertainty about state budget cash deficit
ā Cash deficit of state budget around EUR 4.2 billion (estimate as of July 2022)
ARDAL
Total gross financing needs of EUR 8.8 billion will be covered mostly by issuance
EUR 4.0-5.0 billion can be issued via regular monthly auctions
EUR 3.0 4.0 billion can be issued via syndications
No T-bills
No specific loans planned but could be arranged based on market conditions
ā Total issuance planned at EUR 8.0 billion - the rest can be covered by State Treasury funds development + liquidity buffer
optimization
Foreign currency issuances are less likely
+
Source: Ardal
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