Bond issue a multiple success

At a single stroke on Tuesday, the Public Debt Management Agency managed to beat the volatility and pressures expected to be caused by the continued tightening of European Central Bank monetary policy and the national elections, and to cover 50% of the 2023 loan program with its first market foray of the year.

With the syndicated issue of its new 10-year bond, the Greek state raised 3.5 billion euros (of the €7 billion targeted for the whole of 2023), following strong demand from 230 domestic and international investors, with 22% distributed to Greek banks and 78% to international investors, of which 11% are hedge funds, 74% fund managers and banks, and the rest central banks and pension funds.

Demand exceeded €21.9 billion and was one of the highest ever collected by a Greek title. The amount drawn was also at the top of the range of Greek debt issues, as the last...