Cyprus Central Government debt at €18,62 billion in Q4 2014

Cyprus Central Government debt at €18,62 billion in Q4 2014

Cyprus Central Government debt reached €18.626 million in the fourth quarter of 2014, marking an increase of €360 million compared with €18.266 million in the previous quarter, figures released by the Finance Ministry`s Public Debt Management Office (PDMO) show.

According to PDMO 31% of the debt is held in the domestic market and 69% in the foreign market. The debt excludes intragovernmental obligations of the central government and debt of central government state-owned enterprises.

In December the 6th tranche by the ESM for €350 million was disbursed, whereas the 6th tranche by the IMF amounting to €86 million was suspended. Over November and December the European Investment Bank and the Council of Europe Development Bank disbursed €15 and €25 million, respectively, for infrastructure projects concerning primary and secondary education.

The issuance of retail bonds continued with sales of €38 million over the quarter.

Short term securities dominated the market issuance activity. The total issuance volume in short term securities, including all rollovers, was €869 million. The weighted average cost of Treasury Bills for the tenors up to 3 months fell further by 47 basis points vis-à-vis the previous quarter to 3,45%. The stock of short term debt, in nominal terms, increased from €716 million at end September 2014 to €736 million at year end 2014.

In November and December 10-year domestic bonds of total €55 million matured. The remaining debt redemptions related to short term debt issued within the quarter or during the previous one. In gross terms, i.e. including rollovers, there were €889 million in redemptions of Treasury Bills. Additionally loan amortisations amounted to €60 million.

Central Government debt by quarter

Quarter ml €
31/03/2014 17.916
30/06/2014 19.127
30/09/2014 18.266
31/12/2014 18.626