Next bond issue is expected from this fall

After three successful bond issues in the year's first half, including two during the coronavirus crisis, Greece will make another market foray in September or October.

The Public Debt Management Agency (PDMA) has so far drawn 7.5 billion euros from the 15-year paper issued in January, the 7-year bond in April and last week's 10-year note. This keeps it within the original target range of €4-8 billion for 2020, making Greece the sole country in the eurozone not to have expanded its issue needs, while most member-states have already doubled their issue programs for this year to finance their economic support programs.

Greece could in theory stay out of the markets for the rest of the year, as in combination with its treasury bill issues, which have grown in size, the country has more than enough in its cash reserves to fund its support measures. However, Athens intends...