According to the latest debt bulletin released by MoF today, central government debt (excl. debt guaranteed by the central government) stood at €303.51bnat the end of Q3’12 unchanged from the previous quarter’s figure of €303.53bn.

Almost half of Q3’12 debt (49.0%) is allocated to Financial Support Mechanism loans (€148.8bn), while bonds issued domestically (€117.0bn) account for 38.6% of debt, short-term notes (€15.0bn) for 4.9%, special purpose and bilateral loans (€7.0bn) for 2.3%, other external loans (€5.7bn) for 1.9% and BoG loans (€5.2bn) for 1.7% of Q3’12 debt.

On the composition of Q3’12 central government debt, MoF noted that 43.4% (€131.7bn) is fixed-rate, 45.1% (€136.9bn) is tradable and 96.7% (€293.5bn) is issued in euro.

Regarding the residual maturity of outstanding debt, €30.4bn or 10.0% is short-term (<1 year), €56.4bn or 18.6% medium-term (1-5 years) and €216.7bn or 71.4% long-term (> 5 years). On the contrary, 41.9% of 9M’12 new borrowing has a maturity < 1 year. The average residual maturity stands at 11.9 years slightly lower than Q2’12 figure of 12.1 years, while the average maturity of 2012 new borrowing stood at 9.5 years.

Furthermore, debt guaranteed by the central government amounted to €19.7bn in Q3’12 from €20.0bn in Q2’12, while cash deposits remained flat q-o-q at €3.5bn at the end of Q3’12.

The redemption schedule of central government debt suggests that 17.3bn (€12.8bn bonds and loans and €4.5bn short-term notes) should be redeemed in 2013, 25.1bn (bonds and loans) in 2014 and €15.9bn (bonds and loans) in 2015. Redemption amounts drop below the €10bn mark for the years 2016-2021, increasing thereafter to €11-20bn for each of the next 6 years over the period 2022-2027.