The Hellenic Republic, through the Public Management Debt Organization, issued a new 30-year bond in order to raise the sum of €3 billion.

Amidst explosive interest, and bids exceeding €32 billion, the final pricing was 165 basis points above the mid-swap, i.e., around 4.15%. The process had started with an initial rate assessment at 175 basis points above mid-switch.

This is the second largest market exit this year, following the issuance of the new 10-year in January. ΟDDIX has mandated BNP Paribas, BofA, Deutsche Bank, Goldman Sachs Bank Europe SE, JP Morgan and Piraeus as Joint Lead Managers for a new issue maturing on June 15, 2054.

It is recalled that on April 17, ODDIX reissued Greek securities maturing on February 4, 2035, raising €200 million with a yield of 3.61%.

Already, the 2024 loan programme is 52% covered, as around €5.2 billion of the €10 billion target for the year has been raised. However, the market exit took place against the backdrop of Greece's credit rating outlook upgrade by S&P and the final data for 2023, which showed a primary surplus of 1.9% of GDP, significantly higher than the 1.1% target.