The opening of the offer book for the re-issue of a 7-year title is simply just a matter of hours. Greece is sending an invitation with the aim of raising an amount of 1.5-2.5 billion euros. Conditions are the best possible, given the international turmoil. Conditions were considered appropriate after the two upgrades of the Greek economy by the rating agencies (Apr. 2022 S&P to BB +, March 2022 DBRS to BB high), the improved deficit of 2021 by Eurostat and the contribution of the French elections to the international climate.
The signal was given to the Public Debt Management Agency, which was waiting for the right time, as the upward trend of yields across the Eurozone had frozen the issuing program, which for this year was planned at 12 billion euros.
The Agency mandated BNP Paribas, BofA Securities, Citi, Deutsche Bank, Goldman Sachs Bank Europe SE and J.P. Morgan to run the process of issuing the 7-year Greek government bond issued in April 2020.
The issue will stimulate cash and also Greece will be present in the markets under the issuance program. After all, the country is re-entering markets with a strong cash advance of 40 billion euros.
Yet yields remain high across the Eurozone. In fact, after the announcement of the bond issue by the Public Debt Management Agency, the Greek ten-year bond increased to 3.11%. Greek borrowing costs had started to rise since October 2021. The ten-year bond had risen to 1.338%, from the level of 0.847 in September 2021. After the Russian invasion of Ukraine the yield is close to 2.5%.
It is noted that the last recourse to markets was on January 18, 2022 with a 10-year bond (3 billion euros with an interest rate of 1.84%). In the midst of a pandemic, 2 billion euros were raised with the issuance of a 7-year bond and an interest rate of 2% in April 2020. The previous issue of a corresponding duration was made in July 2019, with a pumping of 2.5 billion euros and an interest rate of 1.9%. In February 2018, the country raised a seven-year bond of 3 billion Euros and an interest rate of 3.5%.
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.