HELLENIC REPUBLIC PUBLIC DEBT BULLETIN Inflation and Interest Rates of T-Bills for the period (Sep. 2015 – Sep. 2016) %

%

4,00

6,0 5,5

3,00

5,0

2,00

4,5 4,0

1,00

3,5

0,00

3,0 Sep

Oct

Nov Dec

Jan

Feb Mar Apr May Jun

Jul

Aug Sep

2,5

-1,00

2,0

-2,00

1,5 1,0

-3,00

83

0,5 0,0

-4,00 T-Bills Interest Rate

Inflation

Real Interest Rate

September 2016

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. Budgetary Central Government Debt1 Composition of Budgetary Central Government Debt (amounts in million euro)* 30/06/2016

30/09/2016

328.341,00

323.709,14

Α. Fixed rate2 Floating rate2,3

30.9% 69.1%

30.2% 69.8%

Β. Tradable Non-Tradable

22.7% 77.3%

22.2% 77.8%

C. Euro Non-euro zone currencies

96.8% 3.2%

96.9% 3.1%

Outstanding Budgetary Central Government Debt

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

3,173.9

3,004.3

Segregated Account (million euro)

5,046.0

46.7

SDR Holdings Account (million euro)

7.2 (SDR 5.7)

7.1 (SDR 5.7)

1. Budgetary Central Government Debt differs from General Government Debt (Maastricht definition) by the amount of intra-sectoral debt holdings and other ESA adjustments. 2. Fixed/floating participation is calculated including Interest Rate Swap transactions. 3. Index-linked bonds are classified as floating rate bonds. * Estimates PUBLIC DEBT MANAGEMENT AGENCY PUBLIC DEBT DIRECTORATE CONTACT PERSON: ST. PAPADOPOULOS – DIRECTOR GEN. TEL. +30 210 37 01 801 - +30 210 37 01 835 -+ 210 37 01 833 - FAX: +30 210 37 01 850 Internet address: http://www.pdma.gr , e-mail address: [email protected] Reuters: GR/FINMIN01, GR/PDMA01 - Bloomberg: GRMF, PDMA

1

Β. Budgetary 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

30/06/2016 74,574.38 57,059.26 2,561.12 86.51 14,867.49

30/09/2016 71,732.27 54,352.89 2,419.65 86.51 14,873.22

Loans Bank of Greece Other domestic loans Special purpose and bilateral loans Financial Support Mechanism loans1 Other external loans Repos

253,766.62 3,324.65 295.92 7,268.75 225,963.41 4,816.34 12,097.55

251,976.87 3,324.70 192.96 7,157.14 225,059.46 4,740.19 11,502.42

Total

328,341.00

323,709.14

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

Outstanding volume of Greek State Guarantees (millions of euro) 30/06/2016* 13,859.54 199.79

Outstanding guaranteed debt1 ETEAN (& related funds) guarantees

30/09/2016* 12,986.15 199.33

1. See Appendix for further analysis. * Estimates

C. New Borrowing* (Jan. – Sep. 2016) 1. Composition of borrowing for the period Jan. – Sep. 2016

3.

2.

Weighted average maturity of new borrowing

* Diagrams 1, 2 and 3, appear T-bill refinancing amounts.

2

4.

Composition of new borrowing by initial maturity

Borrowing activity in 2016, by month (amounts in million euro)

D. Primary and Secondary Market of Greek Government Securities 1. Issuance Calendar of Greek Government securities

Auction Calendar for October & November 2016 05/10/2016 12/10/2016 02/11/2016 09/11/2016

26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360) 26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360) 2. Auction Results (July – Sep. ’16)

Auction

ISIN

Maturity

T-Bills 06/07/16 13/07/16 03/08/16 10/08/16 31/08/16 07/09/16 14/09/16 Bonds

GR0002149152 GR0000153560 GR0002151174 GR0000154576 GR0002152180 GR0000155581 GR0000156597

09/01/17 14/10/16 03/02/17 11/11/16 03/03/17 09/12/16 16/12/16

Record date

Auction Amount (€ mln)

Offered Amount (€ mln)

Amount Issued (€ mln)

Price

Yield

1,625 813 813 1,138 1,138 1,300 1,300

2,000.00 1,000.00 1,000.00 1,400.00 1,400.00 1,600.00 1,600.00

98.497% 99.322% 98.521% 99.322% 98.521% 99.322% 99.322%

2.97% 2.70% 2.97% 2.70% 2.97% 2.70% 2.70%

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

3. Syndicated, Special Purpose Bonds & Other Issues (July – Sep. ’16) Amount ISIN Tenor Maturity Coupon in (€ mln) 4. European Stability Mechanism & International Monetary Fund Loans (July – Sep. ’16)

Tranche

Organiz ation

Disbursement

Maturity

Ccy

Amount in € (mln.)

Interest Rate

5. Budgetary 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)

30/06/2016

%

30/09/2016

%

328,341.0

100.00%

323,709.1

100.00%

33,634.6

10.24%

36,550.1

11.29%

33,315.8

10.15%

27,184.9

8.40%

261,390.6

79.61%

259,974.1

80.31%

Weighted average residual maturity of Budgetary Central Government Debt on 30/09/16: 16.67 years

3

6. Redemption schedule of Budgetary Central Government Debt on 30/09/2016 (amounts in million euro)

Notes: 1. Buy-backs are scheduled for the smoothening of redemptions. 7. Monthly volume of transactions on Greek Government Bonds in the Electronic Secondary Market (HDAT) (Jan. ’15 – Sep. ’16) (amounts in million euro)

Source: Bank of Greece, HDAT 8. Volume of transactions in HDAT – 3nd Quarter 2016 (by residual maturity of Government Bonds)

Up to 10Y 14.0%

10-15 years 13.0%

15-30 years 2.0%

T-bills 38.0%

Up to 3Y 33.0%

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

4

Table 2.4: State: Guarantees (in millions of euros)

Entities classified in general government Stock of debt guaranteed by government end-2015 State Owned Enterprises EAS EAB ELBO OSE ATTIKO METRO Subtotal SOEs Extra Budgetary Funds ETAD NATIONAL LIBRARY EAITY OMMA KEELPNO OSK-KTYP Subtotal EBFs Local Government MUNICIPALITY OF ATHENS MUNICIPALITY OF IRAKLEIOU Subtotal LG TOTAL classified

end-Sep 2016

Amounts of new Guarantees cash calls cash repayments guarantees provided Sep 2016

Sep 2016

Sep 2016

Fees collected for guarantees (receipts of GG) Sep 2016

339,17 95,00 2,10 4.588,57 2.079,28 7.104,12

313,34 95,00 0,00 2.958,57 2.033,44 5.400,35

0,00 0,00 0,00 0,00 0,00 0,00

33,70 4,60 0,02 1.429,35 0,00 1.467,67

0,00 0,00 0,00 0,00 0,00 0,00

0,00 0,00 0,00 0,00 7,61 7,61

158,06 3,97 0,52 203,91 185,65 546,43 1.098,54

143,41 3,97 0,00 195,64 0,00 525,14 868,16

0,00 0,00 0,00 0,00 0,00 0,00 0,00

2,29 0,00 0,00 15,47 0,00 0,00 17,76

0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,93 0,00 0,00 0,00 0,00 3,48 4,41

48,42 22,27 70,69 8.273,35

48,42 22,27 70,69 6.339,20

0,00 0,00 0,00 0,00

0,00 0,00 0,00 1.485,43

0,00 0,00 0,00 0,00

0,25 0,23 0,48 12,50

Amounts of new Guarantees cash calls cash repayments guarantees provided

Fees collected for guarantees (receipts of GG)

Entities not classified in general government Stock of debt guaranteed by government

end-2015

end-Sep 2016

Sep 2016

Sep 2016

Public Corporations ATTIKH ODOS 101,11 91,56 0,00 EL BENIZELOS 438,63 404,47 0,00 DEH 2.076,25 1.986,81 0,00 DEH - ADMIE 153,02 185,33 35,00 DESFA 242,29 218,79 0,00 MONTREAL 0,00 0,00 0,00 MBH 0,95 0,63 0,00 ODIE 52,51 0,00 0,00 Subtotal Public Corp. 3.064,76 2.887,59 35,00 Standardized Guarantees PRIVATE ENTERPRISES 1.925,83 1.905,57 0,00 NATURAL DISASTERS 1.857,22 1.853,79 0,00 Subtotal Stand.Guarantees 3.783,05 3.759,36 0,00 TOTAL not classified 6.847,81 6.646,95 35,00 GRAND TOTAL 15.121,16 12.986,15 35,00 Source: Ministry of Finance - General Accounting Office, DG Treasure and Public Accounting.

Sep 2016

Sep 2016

0,00 0,00 0,00 0,00 0,00 0,00 0,37 0,00 0,37

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,47 3,20 16,36 1,44 1,42 0,00 0,00 0,00 22,89

21,59 3,80 25,39 25,76 1.511,19

0,00 1,85 1,85 1,85 1,85

3,55 0,00 3,55 26,44 38,94

Amounts of new Guarantees cash calls cash repayments guarantees provided

Fees collected for guarantees (receipts of GG)

ETEAN (&related funds) Guarantees Stock of debt guaranteed by government end-2015 ETEAN Enterpreneurship Fund

155,52 79,99

end-Sep 2016 110,50 88,83

Sep 2016

Sep 2016 0,00 8,84

Sep 2016

238,41 0,00

TOTAL 235,51 199,33 8,84 238,41 Source: ETEAN Note: Amount of ETEAN's guarantees has no impact on public debt but only on deficit, if these guarantees are called.

0,00

Sep 2016