In another cautious move, PDMA fetches 975 mln for 5 yrs at variable rate

EconomyMacroeconomy Tags: Debt, Markets
Photo by MacroPolis
Photo by MacroPolis

The cautious steps, which the Public Debt Management Agency (PDMA) has been taking since the summer as it attempts to navigate through a higher rates environment that have pushed up the entire yield curve, continued on Tuesday via the re-opening of a 5-year issuance.

In July, the PDMA issued a 5-year senior floating rate note, only available to the primary dealers that were the four systemic banks, in a rare variable interest rate issue with a coupon of 3M Euribor plus 123 basis points, which at the time was 1.13 pct.

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