The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Debt management agency looks to exotic options

The Hellenic Republic plans to look into the possibility of using exotic derivatives to better manage its debt portfolio, says Spyros Papanicolaou, director general at the Public Debt Management Agency (PDMA).

"We plan to borrow about €35 billion this year, with redemptions equal to €25 billion compared with gross borrowing of €37.5 billion in 2004," he says.    

By end-May, Greece had borrowed a total of €24 billion. It privately placed €3.5 billion of 12-year FRNs with five Greek banks and auctioned a three-year, 2.9% bond  for a total of €4.4 billion. It also auctioned treasury bills of 13-, 26- and 52-week maturity for €1.14 billion. It has also raised €15 billion via five-year, 10-year and 30-year bond syndications.

The €5 billion, 4.5% ultra-long bond maturing on September 20 2037 was issued in March at 26 basis points over German Bunds.

The €5 billion, 3.7%, 10-year syndicated bond was issued in February at 19bp over Germany. 

The  €5 billion, 3.1%, five-year syndicated bond was issued at 13bp over the German benchmark bond in April. The expanded spread reflected tougher market conditions. 

Market participants expect a total of  about €17 billion will be raised via syndications and some e6 billion from private placements this year, with the rest coming from auctions.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree