Latvia's Economic and Financial Outlook
Central Government Debt Profile
International Loan Programme has been largely refinanced in international capital markets, while government debt
redemptions remain moderate.
Debt structure by Instruments
(%)
100%
75%
50%
25%
Debt Redemption Profile
(EUR million)
1 600
■Eurobonds
1 400
1 200
■Loans from financial
institutions (incl. IMF
and EC loans)
■Domestic T-bonds
1.000
800
600
400
200
Domestic T-bills
0
2019 2020
Jul-Dec
2021
2022
ut
2023 2024 2025 2026 2027 2028 2029 2036 2037 2047 2048- >=2050
2035
2046
2049
■Domestic debt redemption
■EC loan (Program)
Other external debt liabilities
Eurobonds
World Bank loan (Program)
0%
■ Other
3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18
1Q19
Source: The Treasury
Outstanding Bonds in the International Markets (nominal amount, million)
Source: The Treasury
2021
5.250% 16/06/2021
2020
2.750% 12/01/2020
USD
2049
1.875% 17/02/2049
2047
2.250% 15/02/2047
2036
1.375% 16/05/2036
EUR
2028
1.125% 30/05/2028
2026
0.375% 07/10/2026
2025
1.375% 23/09/2025
2024
2.875% 30/04/2024
2021
2.625% 21/01/2021
2020
0.500% 15/12/2020
0
200
400
600
800
1000
Source: The Treasury
32
22
Debt Portfolio Management
Parameters
Strategy
31/12/2018
31/03/2019
Maturity profile (%)
•
up to 1 year
≤ 25%
13.4%
16.7%
•
up to 3 year
≤ 50%
40.5%
38.1%
Share of fixed rate (1)
≥ 60%
90.1%
86.6%
Macaulay duration (years)
5.00 - 9.00
6.49
7.44
Net debt (2) currency
composition
100% EUR with a
deviation of +/- 5%
100.07%
100.04%
Source: The Treasury | (1) Fixed rate central government debt with a maturity over one year; (2) Central government debt
at the end of the period less the amount of loans and receivables, where impairment loss of guarantees are not taken
in account (including Treasury's cash accounts, investments in deposits and fixed income securities, loans, receivables
(including receivables of derivative financial instruments which are not classified as risky from credit risk perspective)),
and increased by provisions of guarantees as well as liabilities of derivative financial instruments which are
not classified as risky from credit risk perspective.View entire presentation