Demand for the new 10-year Greek government issue was explosive, with bids exceeding €40.5 billion, more than 10 times the amount requested.

Specifically,  Public Debt Management Agency finally raised €4 billion with the interest rate falling in the mid-swap +102 bps range (around 3.6%).

The initial pricing guidance for the issue had been set in the mid swap +107 bps range (i.e. around 3.65%), but with the explosion of bids they were squeezed lower.

BofA, Deutsche Bank, Goldman Sachs, Goldman Sachs, Morgan Stanley, National Bank, and Societe Generale acted as underwriters for the issue.

Thus, with the issue Greece covered almost half of the amount it plans to seek from the markets this year. As had been known, the country intended to raise €8 billion from the markets in 2025, while the total financing needs of €15.28 billion will be covered mainly by the Recovery and Resilience Fund loans, privatizations, and the reduction of the government's reserves.

According to the loan programme recently announced by the Public Debt Management Agency, the financing needs, totalling €15.28 billion, are divided for the next year between bond repayments of €5.45 billion, interest repayments of €4.75 billion, the early repayment of a double tranche of the bilateral loan with the euro area of €5.3 billion and the financing of €5.96 billion for projects of the Fund.