Public Debt Management Agency

Greece's Public Debt Management Agency (PDMA) is expected to raise between 4 and 8 billion euros in 2020, the agency said in a report released Tuesday, adding it will maintain the current level of cash reserves.

PDMA said state funding for next year will focus on the continuous presence in the international debt markets, accompanied by the reduction in debt stock.

The Public Debt Management Agency is targeting more early loan repayments to the International Monetary Fund next year if the interest cost makes financial sense and the country's creditors agree, Kathimerini understands. Its loan strategy for 2020 also includes a significant reduction of treasury bills.

Greece auctioned 13-week treasury bills carrying a negative interest rate on Wednesday for a second month in a row, confirming its improved stature in the markets some 14 months after its emergence from the bailout programs.

The Public Debt Management Agency announced on Friday that on Wednesday, October 30, Greece will auction 26-week treasury bills with a settlement date of November 1.
The treasury bills will mature on May 4, 2020.
PDMA intends to raise 625 million euros in the auction.
The previous such auction was held on October 2 and had a yield of 0.097 percent.

Maintaining the cash buffer is among the key priorities of the Public Debt Management Agency (PDMA). This safety cushion now comes to 31 billion euros, half of which originated from the European Stability Mechanism's last bailout tranche, while the rest concerns domestic savings and cash held by state entities.

Greek Prime Minister Kyriakos Mitsotakis said the historically low yield recorded at Greece's 10-year-bond reopening on Tuesday is "yet another vote of confidence" in the country's economy and strong growth prospects.

Greece raised 1.5 billion euros from the sale in which the initial guide price for the bond implied a yield of 1.55 percent.

The Public Debt Management Agency (PDMA) on Wednesday announced it had successful auctioned 26-week treasury bills, with the desired amount of 625 million euros oversubscribed 2.44 times, leading to a particularly low interest rate of 0.097 percent, compared to a rate of 0.150 percent at the previous auction in late August.
The settlement date is Friday.

French company Lazard will be the new consultant of the Public Debt Management Agency (PDMA), replacing Rothschild, with the aim of bringing Greek bonds back to investment grade within the next couple of years.

This decision was reached on Wednesday by the government's Economic Policy Council on the recommendation of the PDMA and an opinion by the State Legal Council.

Greece's first post-election bond issue fetched 2.5 billion euros on Tuesday, securing a yield of 1.9 percent and a strong interest by long-term investors, according to the Greek national news agency AMNA.

Greece will be making its first foray into the money markets under the new, center-right government, issuing a seven-year bond that will be the third debt issue this year, on Tuesday, according to sources.