HELLENIC REPUBLIC PUBLIC DEBT BULLETIN

Inflation and Interest Rates of T-Bills

for the period (Mar. 2011 Mar. 2012)
%

6,00

3,50
3,00
2,50
2,00
1,50
1,00
0,50
0,00
-0,50
-1,00
-1,50
-2,00
-2,50
-3,00

5,00
4,00
3,00
2,00
1,00
0,00

65
March 2012

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

T-Bills Interest Rate

Inflation

Real Interest Rate

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. Public Debt (Central Government)1

Composition of Central Government Debt (amounts in million euro)*
31/12/2011

31/03/2012

367,978.00

280,292.44

. Fixed rate2
Floating rate2,3

62.0%
38.0%

47.0%
53.0%

. Tradable
Non-Tradable

74.7%
25.3%

53.4%
46.6%

C. Euro
Non-euro zone currencies6

97.5%
2.5%

96.4%
3.6%

Cash Deposits of the H.R. (million euro)

3,629.4

4,401.8

Outstanding Central Government Debt

1. Central Government Debt differs from General Government Debt (Maastricht definition) by the amount of
intra-sectoral debt holdings and other ESA '95 adjustments.
2. Fixed/floating participation is calculated including Interest Rate Swap transactions.
3. Index-linked bonds are classified as floating rate bonds.

* Estimates
MINISTRY OF FINANCE
GENERAL DIRECTORATE OF THE TREASURY AND THE BUDGET
PUBLIC DEBT DIRECTORATE
CONTACT PERSON: G. FLORATOS DIRECTOR
TEL.+30 210 33 38 451 +30 210 33 38 334 - +30 210 33 38 324 - FAX: +30 210 33 38 205
Internet address: http://www.minfin.gr, e-mail address: d23@glk.gr
Reuters: GR/FINMIN01 Bloomberg: GRMF

. Central Government Debt by major categories**

(amounts in million euro)*
Bonds and short-term notes
Bonds issued domestically
Bonds issued abroad
Securitization issued abroad
Short-term notes

31/12/2011
274,832.81
240,940.37
18,521.18
312.63
15,058.63

31/03/2012
149,559.25
115,981.38
18,342.33
256.20
14,979.34

Loans
Bank of Greece
Other domestic loans
Special purpose and bilateral loans
Financial Support Mechanism loans
Other external loans
Short-term loans

93,145.19
5,683.99
836.71
7,257.46
73,210.36
6,156.67
0.00

130,733.19
5,684.34
137.20
7,248.78
111,939.37
5,723.50
0.00

Total

367,978.00

280,292.44

*Since 31/12/2010 Public Debt has been categorized between bonds and loans, long-term and short-term, according to European
System Accounts (ESA 95). ** Estimates

Outstanding volume of Greek State Guarantees (millions of euro)

31/12/2011*
20,632.5

Outstanding guaranteed debt

31/03/2012*
20,046.1

* Estimates

C. New Borrowing (Jan. Mar. 2012)

Composition of borrowing
for the period Jan. Mar. 2012

EFSF Loans
76.7%

T-Bills
19.9%

5Y
80.1%

Weighted average maturity of

new borrowing
2012

Borrowing activity in 2011, by month

(amounts in million euro)
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0

15,73

2011

2,36
3,68

2010

5,66

2009

10,96

2008
2

10 12 14 16 18 20

Weighted average maturity in years

Ja
n
Fe
b
M
ar
Ap
r
M
ay
Ju
n
Ju
l
Au
g

1Y
19.9%

-Bills
Special Issues
EFSF Loans
IMF Loans

Se
p
O
ct
No
v
De
c

Special
IMF Loans Issues
3,4%
0.0%

Composition of new borrowing

by initial maturity

D. Primary and Secondary Market of Greek Government Securities

Issuance Calendar of Greek Government securities
A. Auction Calendar for April & May 2012
26-weeks T-Bill (ACT/360)
13-weeks T-Bill (ACT/360)
26-weeks T-Bill (ACT/360)
13-weeks T-Bill (ACT/360)

08/05/2012
15/05/2012
10/042012
17/042012

2. Auction Results (Jan. Mar. 12)

Auction

ISIN

Matutity

GR0002091545
GR0000092925
GR0002092550
GR0000093931
GR0002093566
GR0000094947

13-07-12
20-04-12
10-08-12
18-05-12
07-09-12
22-06-12

Auction
Amount
( mln)

Offered
Amount
( mln)

Amount
Issued
( mln)

Price

Yield

3,495
3,630
1,701
2,701
2,298
2,688

2,000
2,000
1,000
1,600
1,400
1,600

97.582%
98.841%
97.601%
98.848%
97.630%
98.937%

4.90%
4.64%
4.86%
4.61%
4.80%
4.25%

T-Bills
10-01-12
17-01-12
07-02-12
14-02-12
06-03-12
20-03-12

1,250
1,250
625
1,000
875
1,000

3. Special Purpose Bonds & Other Issues (Jan. Mar. 12)

Bonds
Record date

ISIN

07-02-12
07-02-12

GR0114025506
GR0124033672

Loans (PSI 1st Phase)

Disbursem Organi
ent
zation
12/03/2012
FSF

Tenor
5Y
10Y

Maturity

25Y

From 28/08/2023
until 28/08/2037
From 24/02/2023
until 24/02/2042
From 24/02/2023
until 24/02/2042

EFSF

30Y

12/03/2012

EFSF

30Y

Amount
Issued

Coupon

07/02/2017
07/02/2022

( mln)
4.97
4.97

1.542%
2.265%

Amount in

Tenor

12/03/2012

Maturity

( mln)
4,639.05
13,293.48
13,293.48

Interest Rate
0% until 12/09/2012.
Subsequently, annual floating.1
0.4183% until 23/02/2013.
Subsequently, annual floating.1
1.0458% annually until 23/02/2013.
1.00% annually until 23/02/2014.
Subsequently, annual floating.1

Based on EFSF funding cost.

4. European Financial Stability Facility & International Monetary Fund Loans

(Jan. - Mar. 12)
Tranche

Organi
zation

Disbursem
ent

Maturity

Ccy

1st

I.M.F

15/03/2012

From 19/09/2016
untill 15/03/2022
(quarterly)

SDR

Amount
in
(mln.)
1,637.7

1st

.F.S.F

19/03/2012

19/03/2032

EUR

5,900.0

Interest Rate
Step up:
- 3 SDR
- 3M SDR + spread 2%
- 3M SDR + spread 3%
Annual floating based on EFSF
funding cost.

5. Central Government Debt by residual maturity

(amounts in million euro)
Total volume

short-term (up to 1 year)

medium-term (1to 5 years)
long-term (more than 5 years)

31/12/2011

31/03/2012

367,978.00

100.0%

280,292.44

100.0%

50,521.70

13.7%

24,454.70

8.7%

175,261.00

47.6%

67,964.00

24.2%

142,195.30

38.7%

187,873.74

67.1%

Weighted average residual maturity of Central Government Debt on 31/03/12: 11.33 years
3

6. Redemption schedule of Central Government Debt on 31/03/2012 (amounts in billion euro)

30
25.4

25

20
14.9
15
0.1
12.9
10
8.6
5

15.9 16.9
13.4
13.0
13.0
10.7
10.1
8.2
7.4 7.8
6.8
5.85.14.94.94.8 4.8 4.8 4.84.94.24.24.24.24.2
5.5 5.7
1.8

16.5

0
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 57

Years

Bonds & Loans

Short-term notes

Notes:
1. Buy-backs are scheduled for the smoothening of redemptions.
2. During the exchange of Greek debt at the 1st phase of PSI, on 12/03/2012, 177.3 bln were written off
and new bonds were issued maturing in 1130 years with total face value 55.8 bln.
7. Monthly volume of transactions on Greek Government securities
in the Electronic Secondary Market (HDAT) (Jan. 10 Mar. 12)
(amounts in billion euro)
2010

60

2011

2012

50
40
30
20
10
0
Jan

Feb

Mar

Apr May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Bank of Greece, HDAT

Note:
Public Debt data for each quarter will be announced no later than 50 days after the end of the reference
quarter.