Investor Presentaiton
Public Debt Management Strategy
Cornerstones in Public Debt Management Strategy 2022-24
Target
Smoothening of debt maturity
profile and extension of
marketable debt maturity
Maintaining liquid funds for the
next 6-9-month financing needs
Risk mitigation via reduced
exposure to foreign currency and
interest rate risks
Progress
On course: Average maturity of
marketable and total debt
extended significantly
Achieved
Foreign currency exposure
Achieved: reduced to zero
Interest rate risk
On course: on a downward
trend, new issuance completed
in EUR, fixed rate format only
•
New Public Debt Management Strategy 2023-2025
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, %
Completion and extension of the
sovereign bond yield curve
80
60
55
65
64
61
On
course:
Significant
60
49
improvement; Yield curve
extended up to 30-year tenor
EMTN
since May 2019. New
with 30-year tenor in April 2020
50
56
40
20
32
13
14 18
22
24
28
0
2013 2014 2015
2016 2017 2018 2020
2021
2022
Enhancement of investor relations
and expansion of investor base
On course: higher diversification
and larger orderbooks recorded
in primary issuances
■Foreign bonds
Official loans
53
58
36
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