New issues: As in the previous months, issuance activity comprised only of renewals of Treasury Bills at the short term tenors of 1 to 3 months. Borrowing cost remained stable albeit at considerably high levels of 5,00% – 5,50%. The issuance volume totaled € 1782 million distributed only to domestic investors. Furthermore, a small one month Euro Commercial Paper was issued at a yield rate of 4,51% to a foreign entity.
Debt redemptions: The quarter included no significant long term debt maturities hence debt redemptions related almost exclusively to short term obligations. In total €1794 million of Treasury Bills were redeemed. Furthermore, domestic bond redemptions amounted to €8 million and payments for Savings Certificates to €4 million. Importantly, there was no recording of an increase in the debt level during the quarter. In sum, there were virtually no variations in the debt level and structure.