HELLENIC REPUBLIC PUBLIC DEBT BULLETIN Inflation and Interest Rates of T-Bills for the period (Mar. 2012 – Mar. 2013) %

%

6,00

4,50 4,00 5,00 3,50 3,00 4,00 2,50 2,00 3,00 1,50 1,00 2,00 0,50 0,00 1,00 -0,50 -1,00 0,00 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar -1,50 -1,00 -2,00 T-Bills Interest Rate

Inflation

69 March 2013

Real Interest Rate

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. Central Government Debt1 Composition of Central Government Debt (amounts in million euro)* 31/12/2012

31/03/2013

305,537.33

309,357.89

Α. Fixed rate2 Floating rate2,3

32.7% 67.3%

31.1% 68.9%

Β. Tradable Non-Tradable

34.3% 65.7%

32.5% 67.5%

C. Euro Non-euro zone currencies6

96.7% 3.3%

96.1% 3.9%

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

5,933.5

6,996.1

Outstanding Central Government Debt

1. Central Government Debt differs from General Government Debt (Maastricht definition) by the amount of intra-sectoral debt holdings and other ESA '95 adjustments. 2. Fixed/floating participation is calculated including Interest Rate Swap transactions. 3. Index-linked bonds are classified as floating rate bonds.

* Estimates MINISTRY OF FINANCE GENERAL DIRECTORATE OF THE TREASURY AND THE BUDGET PUBLIC DEBT DIRECTORATE CONTACT PERSON: G. FLORATOS – DIRECTOR TEL.+30 210 33 38 451 +30 210 33 38 334 - +30 210 33 38 324 - FAX: +30 210 33 38 205 Internet address: http://www.minfin.gr, e-mail address: [email protected] Reuters: GR/FINMIN01 Bloomberg: GRMF

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Β. Central Government Debt by major categories** (amounts in million euro)* 31/12/2012 104,654.42 81,769.19 4,308.23 220.02 18,356.98

31/03/2013 100,555.32 81,324.53 4,089.21 182.76 14,958.82

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

200,882.91 5,212.33 118.50 7,069.12 183,098.58 5,384.38

208,802.57 5,212.26 118.50 7,061.17 191,111.64 5,299.00

Total

305,537.33

309,357.89

Bonds and short-term notes Bonds issued domestically Bonds issued abroad Securitization issued abroad Short-term notes

*Since 31/12/2010 Public Debt has been categorized between bonds and loans, long-term and short-term, according to European System Accounts (ESA 95). ** Estimates

Outstanding volume of Greek State Guarantees (millions of euro) 31/12/2012* 19,670.52

Outstanding guaranteed debt

31/03/2013* 19,483.48

* Estimates

C. New Borrowing (Jan. – Mar. 2013) Composition of borrowing for the period Jan. – Mar. 2013 IMF Loans 17.2%

Composition of new borrowing by initial maturity

EFSF Loans 25.4%

Borrowing activity in 2013, by month (amounts in million euro)

4

6

8

10 12 14 16 18 20

Weighted average maturity in years

2

ct No v

2

Ja n

0

O

5,66

2009

Se p

3,68

Ju l Au g

2,36

EFSF Loans

Ap r M ay Ju n

16,53

IMF Loans

b M ar

2012

Τ-Bills

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0

9,10

Fe

2013

2010

≤1Y 57.4%

4-10Y 17.2%

Weighted average maturity of new borrowing

2011

20-31Y 25.4%

T-Bills 57.4%

D. Primary and Secondary Market of Greek Government Securities Issuance Calendar of Greek Government securities 1. Auction Calendar for April & May 2013 26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360) 26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360)

09/04/2013 16/04/2013 08/05/2013 14/05/2013

2. Auction Results (Jan. – Mar. ’13) Auction

ISIN

Maturity

Auction Amount (€ mln)

T-Bills 19-03-13 05-03-13 12-02-13 05-02-13 15-01-13 08-01-13 08-01-13

GR0000106097 GR0002105683 GR0000105081 GR0002104678 GR0000104076 GR0002103662 GR0006003868

21-06-13 06-09-13 17-05-13 09-08-13 19-04-13 12-07-13 08-02-13

1,000 875 1,000 625 1,250 1,250 750

Offered Amount (€ mln)

Amount Issued (€ mln)

Price

Yield

1,600 1,400 1,600 1,000 2,000 2,000 1,200

98.986% 97.896% 98.987% 97.887% 98.982% 97.872% 99.694%

4.05% 4.25% 4.05% 4.27% 4.07% 4.30% 3.95%

1,655 1,438 1,763 1,053 2,182 2,025 983.2

3. Special Purpose Bonds & Other Issues (Jan. – Mar. ’13) Disbursem ent

Organi zation

Tenor

Amount in

Maturity

Interest Rate

(€ mln)

4. European Financial Stability Facility & International Monetary Fund Loans (Jan. - Mar. ’13) Tranche

Organiz ation

Disburseme nt

Maturity

Ccy

2,3

IMF

18/01/2013

From 18/07/2017 until 18/07/2023 (semiannually)

SDR

Amount in € (mln.) 3,241.2

3-3

EFSF

31/01/2013

31/01/2043

EUR

2,000.0

3-5

EFSF

28/02/2013

From 28/02/2043 until 28/02/2044

EUR

2,800.0

Interest Rate Step up: - 3Μ SDR - 3M SDR + spread 2% - 3M SDR + spread 3% Annual floating based on EFSF funding cost. Annual floating based on EFSF funding cost.

5. 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)

31/12/2012

%

31/03/2013

%

305,537.33

100.0%

309,357.89

100.0%

31,121.60

10.2%

30,238.30

9.8%

55,265.83

18.1%

52,748.50

17.0%

219,149.90

71.7%

226,371.09

73.2%

Weighted average residual maturity of Central Government Debt on 31/03/13: 15.41 years

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6. Redemption schedule of Central Government Debt on 31/03/2013 (amounts in billion euro) 35 30 14.9 0.1 25 24.9 20 16.1 14.413.614.6 15 12.0 9.59.39.3 10 8.08.67.38.08.07.36.96.96.76.76.8 7.7 6.87.7 7.6 6.47.3 5.9 6.2 5.6 4.84.85.9 5 3.6 3.83.9 1.1 0 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 57

Years

Bonds & Loans

Short-term notes

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. ’12 – Mar. ’13) (amounts in million euro) 2012

120

2013

100 80 60 40 20 0 Jan

Feb

Mar Apr May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Bank of Greece, HDAT 8. Volume of transactions in HDAT – 1st Quarter 2013 (by residual maturity of Government Bonds) 15-30 years 64.7%

up to 10 years 2.0%

10-15 years 33.3%

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

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