To satisfy the State’s specific short-term financing needs, the IGCP resorts to repo transactions (or financing repos). Financing repos are set up bilaterally between IGCP and OEVT or EBT and consist on the sale of government bond (OT) or Treasury Bills (BT), issued for that purpose, with the simultaneously agreement for the repurchase of those securities at a specified time and price. As a complement of financing repos, in order to satisfy short-term financing needs, the IGCP has at its disposal a Euro-Commercial Paper (ECP) programme. ECP consists in the issuance of tradable instruments on non-regulated markets, issued at discount and with maturities between one week and one year. The maximum outstanding of this line is limited to EUR 4 billion or equivalent and the line allows the issuance of securities in USD and EUR. IGCP may also, as an exceptional and last resort solution, issue non-euro medium to long-term debt instruments, in order to satisfy additional, marginal and specific State’s financing needs. For it IGCP has at its disposal a global offering programme in the US dollar market. |