An important assumption in the statistical analysis of the financial market effects of the central bank's large scale asset purchase program is that the `long-term debt stock variables were exogenous to term premia'. We test this assumption for a small open economy in a currency union over the period 2000M3 to 2015M10, via the determinants of short term financing relative to long-term financing. Empirical estimations indicate that the maturity composition of debt does not respond to the level of interest rate or to the term structure. These findings suggest a lower adherence to the cost minimization mandate of debt management. However, we find that volatility and relative market size respectively decrease and increase short-term financing relative to long-term financing, while it decreases with an increase in government indebtedness.