Structural Reforms For Long-Term Development
Debt Management Strategy
ARDAL
2018 Funding
Total funding at EUR 3.9bn (originally planned EUR 4.5bn)
✓ Only one benchmark redemption of EUR 3.0bn in November
✓ T-bills issuance of EUR 0.8bn
✓ One syndicated bond transaction - dual-tranche: EUR 1.0bn 10 year bond and EUR 0.5bn 50 year bond
Secondary market improvements
✓ Implementation of MTS platform in February 2018
✓ Adjustments in primary dealers evaluation - secondary market performance
2019 Funding outlook
Total funding needs at EUR 4.4bn
Small redemptions - EUR 1.3bn in May (originally SKK bond) and EUR 0.3bn equivalent in October (CHF
bond); 0.8bn T-bills
1 - 2 syndicated deals (one deal with maturity of 11 years and possibly other with maturity based on
market conditions)
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