HELLENIC REPUBLIC PUBLIC DEBT BULLETIN

Transcription

1 HELLENIC REPUBLIC PUBLIC DEBT BULLETIN Inflation and Interest Rates of T-Bills for the period (Dec Dec. 2015) 80 December 2015 Note: The monthly real interest rate is defined as the difference between the 6-month T-Bill interest rate (prevailing at the end of the month) and the inflation rate. The real interest rate is depicted on the right vertical axis, while the inflation rate and the T-bill interest rate on the left vertical axis. A. Budgetary Central Government Debt 1 Composition of Budgetary Central Government Debt * Outstanding Budgetary Central Government Debt 30/09/ /12/ , , Α. Fixed rate % 30.9% Floating rate 2,3 68.5% 69.1% Β. Tradable 23.8% 23.2% Non-Tradable 76.2% 76.8% C. Euro 96.1% 96.5% Non-euro zone currencies 3.9% 3.5% Cash Deposits of the H.R. (million euro) 1, ,696.9 Segregated Account (million euro) SDR Holdings Account (million euro) (SDR 258.6) 1. Budgetary Central Government Debt differs from General Government Debt (Maastricht definition) by the amount of intra-sectoral debt holdings and other ESA adjustments. 2. Fixed/floating participation is calculated including Interest Rate Swap transactions. 3. Index-linked bonds are classified as floating rate bonds. * Estimates PUBLIC DEBT MANAGEMENT AGENCY PUBLIC DEBT DIRECTORATE CONTACT PERSON: ST. PAPADOPOULOS DIRECTOR GEN. TEL FAX: Internet address: address: pdma@pdma.gr Reuters: GR/FINMIN01, GR/PDMA01 - Bloomberg: GRMF, PDMA 1

2 Β. Budgetary Central Government Debt by major categories** * 30/09/ /12/2015 Bonds and short-term notes 74, , Bonds issued domestically 57, , Bonds issued abroad 2, , Securitization issued abroad Short-term notes 14, , Loans 239, , Bank of Greece 3, , Other domestic loans Special purpose and bilateral loans 7, , Financial Support Mechanism loans 1 214, , Other external loans Repos 4, , , , Total 314, , *Since 31/12/2010 Public Debt has been categorized between bonds and loans, long-term and short-term, according to European System Accounts (ESA). ** Estimates Outstanding volume of Greek State Guarantees (millions of euro) 30/09/2015* 31/12/2015* Outstanding guaranteed debt 1 14, , ETEAN (& related funds) guarantees See Appendix for further analysis. * Estimates C. New Borrowing* (Jan. Dec. 2015) 1. Composition of borrowing for the period Jan. Dec Composition of new borrowing by initial maturity ESM Loans 48.6% T-Bills 33.7% 20-40Y 45.2% 1Y 49.9% EIB Loans 1.4% EFSM Loans 16.3% 10-20Y 4.9% 3. Weighted average maturity of new borrowing 4. Borrowing activity in 2015, by month , ,99 12, , , Weighted average maturity in years * Diagrams 1, 2 and 3, appear T-bill refinancing amounts. 2

3 D. Primary and Secondary Market of Greek Government Securities Issuance Calendar of Greek Government securities 1. Auction Calendar for January & February /01/ weeks T-Bill (ACT/360) 13/01/ weeks T-Bill (ACT/360) 03/02/ weeks T-Bill (ACT/360) 10/02/ weeks T-Bill (ACT/360) 2. Auction Results (Oct Dec. 15) Auction ISIN Maturity T-Bills 07/10/15 14/10/15 04/11/15 11/11/15 09/12/15 09/12/15 16/12/15 GR GR GR GR GR GR GR /04/16 15/01/16 06/05/16 12/02/16 10/06/16 11/03/16 18/03/16 Auction 625 1,250 1,000 1,000 Offered 813 1,625 1,300 1,300 Issued 1, , , , Price Yield Bonds Record date 29/10/2015 European 3. Syndicated, Special Purpose Bonds & Other Issues (Oct. Dec. 15) ISIN Tenor Maturity in Coupon 15Y 29/10/ %, fixed. 15Y 29/10/ %, fixed. 29/10/2015 European 23/12/2015 European 16Y 23/12/ %, fixed. 4. European Stability Mechanism & International Monetary Fund Loans (Oct Dec. 15) Tranche Organiz Disbursement Maturity Ccy Interest Rate ation in (mln.) 1-Α2 ESM 24/11/2015 From 2034 until EUR 2,000.0 Annual floating based 1-Β1 ESM 01/12/2015 From 2017 until 2018, with expected maturity extension by approximately 30 years. 1-Β2 ESM 08/12/2015 From 2017 until 2018, with expected maturity extension by on ESM funding cost. EUR 2, M Euribor minus spread. EUR 2, M Euribor minus spread. approximately 30 years. 1-Α3 ESM 23/12/2015 From 2034 until EUR 1,000.0 Annual floating based on ESM funding cost. 5. Budgetary Central Government Debt by residual maturity 30/09/2015 % 31/12/2015 % Total volume 314, % 321, % short-term (up to 1 year) 33, % 32, % medium-term (1to 5 years) 32, % 32, % long-term (more than 5 years) 248, % 256, % Weighted average residual maturity of Budgetary Central Government Debt on 31/12/15: years 3

4 6. Redemption schedule of Budgetary Central Government Debt on 31/12/2015 Notes: 1. Buy-backs are scheduled for the smoothening of redemptions. 7. Monthly volume of transactions on Greek Government Bonds in the Electronic Secondary Market (HDAT) (Jan. 14 Dec. 15) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Bank of Greece, HDAT 8. Volume of transactions in HDAT 4th Quarter 2015 (by residual maturity of Government Bonds) years 31.0% 3 years 21.0% years 16.0% Up to 10 years 9.0% 5 years 23.0% Note: Public Debt data for each quarter will be announced no later than 50 days after the end of the reference quarter. Source: Bank of Greece, HDAT 4

5 Table 2.4: State: guarantees Entities classified in general s of new (in millions of euros) State Owned Enterprises EAS 405,01 339,13 0,00 83,86 0,00 0,00 EAB 125,00 95,00 0,00 36,63 0,00 0,00 ELBO 2,24 2,10 0,00 0,08 0,00 0,00 OSE 5.862, ,57 0, ,39 0,00 0,00 ATTIKO METRO 2.138, ,28 0,00 0,00 0,00 15,49 Subtotal SOEs 8.534, ,08 0, ,96 0,00 15,49 Extra Budgetary Funds ETAD 183,05 158,05 0,00 4,63 0,00 1,35 NATIONAL LIBRARY 3,97 3,97 0,00 0,00 0,00 0,00 EAITY 1,53 0,52 0,00 0,00 0,00 0,00 OMMA 215,25 203,91 0,00 21,59 0,00 0,00 KEELPNO 195,14 185,64 0,00 3,03 0,00 0,15 OSK-KTYP 585,00 546,42 0,00 0,00 0,00 3,67 Others 0,00 0,00 0,00 0,00 0,00 0,00 Subtotal EBFs 1.183, ,51 0,00 29,25 0,00 5,17 Local Government MUNICIPALITY OF ATHENS 49,21 48,42 0,00 0,00 0,00 0,49 MUNICIPALITY OF IRAKLEIOU 22,27 22,27 0,00 0,00 0,00 0,23 Subtotal LG 71,48 70,69 0,00 0,00 0,00 0,72 TOTAL classified 9.789, ,28 0, ,21 0,00 21,38 Entities not classified in general s of new Public Corporations ATTIKH ODOS 246,47 101,10 0,00 0,00 0,00 1,14 EL BENIZELOS 438,63 438,63 0,00 0,00 0,00 0,00 DEH 2.163, ,25 0,00 0,00 0,00 22,34 DEH - ADMIE 117,13 153,03 65,00 0,00 0,00 1,65 DESFA 275,00 242,30 0,00 0,00 0,00 2,18 LARKO * MONTREAL 0,39 0,00 0,00 0,00 0,00 0,00 MBH 1,59 0,94 0,00 0,73 0,00 0,00 ODIE 68,51 52,51 0,00 16,20 0,00 0,00 LOME 0,00 0,00 0,00 0,00 0,00 Subtotal Public Corp , ,76 65,00 16,93 0,00 27,31 Standardized Guarantees PRIVATE ENTERPRISES 1.575, ,73 0,00 31,03 0,00 4,26 NATURAL DISASTERS 1.638, ,31 0,00 6,30 0,01 0,00 Subtotal Stand.Guarantees 3.214, ,04 0,00 37,33 0,01 4,26 TOTAL not classified 6.525, ,80 65,00 54,26 0,01 31,57 GRAND TOTAL , ,08 65, ,47 0,01 52,95 Source: Ministry of Finance - General Accounting Office, DG Treasury and Budget. *Ισχύει ακύρωση της εγγύησης προς τη LARKO επειδή κρίθηκε παράνομη από την Ε.Ε. η εγγύηση του Δημοσίου προς τη συγκεκριμένη εταιρεία. ALPHA BANK 9.826, , ,20 EFG EUROBANK ERGASIAS , , ,00 NATIONAL BANK OF GREECE , , ,60 PIRAEUS BANK 6.250, , ,00 ΑΤΤΙCA BANK 500,00 215,00 TOTAL , , ,80 0,00 0,00 Source: Ministry of Finance - General Accounting Office, DG Treasury and Budget. Emergency Liquidity Assistance (ELA) Bank Guarantees Stock of debt guaranteed* s of new end-2014 end-dec 2015 end-dec 2015 Jan - Dec 2015 Jan - Dec 2015 Jan - Dec 2015 AEGEAN BALTIC 0,00 78,00 92,00 ALPHA BANK 0, , ,69 EFG EUROBANK ERGASIAS 0, , ,63 ATTICA BANK 0,00 661,75 831,75 NATIONAL BANK OF GREECE 0, , ,67 PANCRETAN COOPERATIVE BANK 0,00 162,00 224,00 CHANIA COOPERATIVE BANK 0,00 74,00 74,00 PANELLINIA BANK 0,00 0,00 62,00 PIRAEUS BANK 0, , ,50 TOTAL 0, , ,24 0,00 0,00 Source: Bank of Greece 1/ Επειδή οι εγγυήσεις του μηχανισμού ELA έχουν πολύ μικρή διάρκεια (μερικών ημερών) και ανανεώνονται σε εξαιρετικά συχνή βάση, η στήλη ''Ποσά παρεχόμενων νέων εγγυήσεων'' αναφέρεται στην καθαρή ροή των νέων εγγυήσεων και δεν περιλαμβάνει εγγυήσεις που δίνονται σε αντικατάσταση υφισταμένων ποσών που λήγουν. 2/ Περιλαμβάνεται μόνο το μέρος του ELA που είναι εγγυημένο από το Ελληνικό Δημόσιο Bank Support Scheme Guarantees s of new ETEAN (&related funds) Guarantees s of new ETEAN 245,78 155,52 Enterpreneurship Fund 62,72 79,99 17,63 TOTAL 308,50 235,51 17,63 0,00 0,00 Source: ETEAN