Investor Presentaiton
Annual Funding 2019-2020
Financing needs and sources
2019
EUR bn
2020
EUR bn
Financing needs
2,8
1,7
Debt Redemptions
2,3
1,6
Treasury Bills
0,2
0,2
Domestic Bonds
1,1
0,8
EMTNS
0,2
0,5
Loans
0,8
0,1
Debt prepayments
1,2
0,7
Fiscal needs, cash basis
-0,7
-0,6
Financing Sources
3,2
1,7
Treasury Bills
0,2
0,3
EMTN
2,6
1,25
Loans
0,3
0,1
Retail bond
0,1
0,1
Source: Public Debt Management Office
• Main financing actions for 2019 have been completed
through the issuance of three international
benchmark bonds with 5-year, 15-year and 30-year
maturities in the first half of the year, and re-openings
of the 15-year and 30-year in the last quarter.
• Complementary financing through retail bonds,
treasury bills and loans. The yields of 3-month
Treasury Bills in negative territory since 2017.
• Liquidity at year end to cover the financing needs of
the first 9 months of 2020 and respectively of 2021.
• Lower financing needs over 2020 due to lower debt
redemptions. Majority of financing is expected to be
completed within the first quarter of 2020.
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