335 billion lek debt matures in 2026 - 12-month bills and bonds carry the main weight of repayments during the year
During 2026, the Albanian government faces a significant volume of maturing domestic debt. According to official data, total debt payments maturing during the year amount to 335 billion lek.
The vast majority of this debt, around 329.11 billion lek, is related to treasury bills and bonds, while 6 billion lek are planned to be withdrawn from the market through six buyback auctions, aimed at buying back 3-year and 5-year benchmark bonds maturing in 2027. This mechanism is used to better manage the debt portfolio and reduce refinancing risk.
Of the total maturities for 2026, 189.03 billion lek are treasury bills, mainly short-term, while 146.08 billion lek are bonds with longer terms.
According to the distribution by instrument, 12-month bills hold the largest weight, followed by 2-year bonds. Then come 3-year and 5-year bonds, while instruments with longer maturities, 7 and 10 years, have significantly lower volumes.
The monthly distribution of maturities also shows a high concentration at the beginning of the year. January, February and March are the months with the highest values of maturing debt. In the first quarter alone, the government has to meet the majority of annual maturities.
In this period, 12-month bonds are dominant, with about 75.74 billion lek, 2-year bonds with 23.52 billion lek, as well as 5-year bonds. Also, 3-year bonds mature in February.
In total, for 2026, gross issuance is projected at 380 billion lek, which brings a positive net financing of 45 billion lek, reflecting the need for refinancing and covering existing liabilities.
These data indicate that debt management in 2026 will require increased attention, especially in the first months of the year, where the concentration of maturities is higher.
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