On Thursday, 15 June, the BSSE’s Managing Director Lukáš Bonko handed over the award for long-term contribution to the development of the capital market to Daniel Bytčánek, the Director of the Debt and Liquidity Management Agency (ARDAL). The event took place at the AC by Marriott hotel in Bratislava during the 11th annual investment conference Capital Market 2023, which is traditionally organised by the Association of Security Dealers.
Daniel Bytčánek graduated in economics at the University of Economics in Bratislava. He started his banking career at Poľnobanka Bratislava (UniCredito Italiano Group) as a money and capital market dealer. From 1995 to 1997 he was the chief dealer responsible for trading on the money market, foreign exchange and capital markets. In 1997 he became the Head of Treasury and Investment Banking. Prior to establishing ARDAL, he worked for two years at Slovenská Sporiteľňa (Erste Group Bank) as the Head of Asset and Liability Management department.
Daniel Bytčánek and his team established the Debt and Liquidity Management Agency for the Ministry of Finance of the Slovak Republic in 2003 and have been managing it ever since. He is responsible for the government debt management, cash management and related activities such as investor relations and other strategic debt management issues.
In its 20 years of operation, ARDAL has issued more than 50 government bond issues amounting to almost 100 billion EUR. In 2018, among others, the agency issued and placed a bond with a 50-year maturity, which is a proof of high credibility.
Slovakia has an average government debt management cost of 1.31% p.a., while for neighbouring Austria it is 1.21% p.a. On the contrary, countries with rating and economy size similar to Slovakia have an average coupon rate of 1.6% – 1.7%. With a national debt of 63 billion EUR, Daniel Bytčánek and his team are saving the Slovak Republic and all taxpayers from 190 to 275 million EUR per year, depending on the level of debt and the development of rates.
Author: Michal Ondruš
