The Public Debt Management Agency (PDMA) will proceed on Wednesday with the reissuance of the 5-year bond that was auctioned in April 2023 with the aim of raising 250 million euros.
In the first issue of the bond, the State raised 2.5 billion euros with offers exceeding 19 billion euros and the final interest rate standing at 3.875%. On July 26 and October 25, 2023 it reissued the specific bond, raising 250 million euros and 150 million euros respectively.
The purpose of the reissuance is to satisfy investment demand and at the same time facilitate the operation of the secondary bond market, according to the announcement.
Greece is also expected to tap the markets over the next few days with the issuance of a new bond aiming to raise at least 2.5 billion euros.
If everything goes smoothly, the Greek government will have managed to cover at least 30% of its borrowing needs in the first month of 2024. As it has been announced for this year, PDMA plans to raise 10 billion euros from the markets.
Meanwhile, Scope Ratings is expected to announce Greece’s credit rating on January 26, opening the way for other agencies to follow. Scope Ratings was the first house to upgrade the Greek economy to investment grade. Based on its latest estimates for the Greek economy, it sees a growth rate of 2.2% this year and 2.3% in 2025. It also expects a recovery in investments as it estimates that ECB deposit rates have peaked.
