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The latest “foray” by the Greek state into the markets, expected on Tuesday, will be among the “priciest” of very recent memory, with the yield on the Hellenic Republic’s five-year bond hovering at 4.2 percent on Monday – the highest since 2017.
According to a press release by the semi-independent Public Debt Management Agency (PDMA), the Greek state aims to drain 750 million euros from an auction for the re-opening of the GGB three-month Euribor +1.23 percent per annum, with a maturity date on Dec. 15, 2027.
The amount to be auctioned is 750 million euros and settlement date is November 2, 2022 (T+5).
Estimates on Monday based on the Eurobor yield, show that Greece will borrow the next day with an interest rate in the 3-percent “territory”.
While judged as risky, given rising costs for sovereign borrowing for practically every country at the moment, the Greek state is making a bold statement in reaching out to markets, one punctuated by an adjustable rate.
The last time the Greek state floated a five-year bond was in September 2021, when the first issue was accompanied by a 30-year bond issue.
Both issues were met with high interest by investors at the time, with the former completed with an almost zero yield, a historic low – and landmark – for Greek debt.
In terms of “political considerations”, the Mitsotakis government – now less than a year before scheduled general elections – also wants to send a “message” to the markets in the last quarter of 2024, namely, that Greece is an active sovereign borrower despite the difficult global situation and despite the fact that 36-billion-euro “cushion” remains mostly intact.
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