JP Morgan

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JPM

Greece raises €3.5 bln from 15-year bond sale

Greece on Tuesday raised 3.5 billion euros in cash and bonds from a new 15-year bond issue, its debt agency said, marking the nation's first bond sale since June's national election.

Investor demand topped 13 billion euros and the final pricing was set at mid-swaps plus 125 basis points, a yield of about 4.42%, the Public Debt Management Agency said in a filing.

New 10-year bond issue due

Greece is likely to make its 2023 market debut on Tuesday with a syndicated issue of a new 10-year bond, in the context of the front-heavy strategy by the Public Debt Management Agency, in view of the further interest rate increases expected by the European Central Bank, but also general elections, which may cause market volatility and instability.

Investment grade by April?

Analysts are split on when Greece may return to investment grade, in what is seen as a difficult year for the eurozone bond market due to the ECB's aggressive stance, while the national elections are firmly on investors' radars.

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