Summary Terms

Transaction Highlights

• On Tuesday, 30^th January 2024, the Hellenic Republic, rated Ba1 / BBB- / BBB- / BBBL (Moody's stb. / S&P stb. / Fitch stb. / DBRS ), priced a EUR 4 billion RegS/144a long 10-year Government Bond (GGB) benchmark, due 15^th June 2034.
• The new benchmark carries a coupon of 3.375% and priced with a re-offer yield of 3.478%, equivalent to a spread of 119.3bps over the DBR 2.2% Feb 2034. The Joint-Lead Managers (JLMs) on the transaction were Alpha Bank, Barclays, Citi, Commerzbank, Nomura and Société Générale.
• This transaction is the first syndicated new GGB benchmark issued by the Hellenic Republic in 2024 and forms part of the announced €10bn medium and long-term debt issuance for the year. This also represents a landmark transaction for the Hellenic Republic as the first GGB syndication since obtaining investment grade status from Fitch (BBB-), S&P (BBB-), DBRS (BBBL) and Scope (BBB-).
• Testament to the Hellenic Republic’s strong credit metrics and fiscal discipline, the transaction priced with the tightest spread to swaps and spread to bunds on record for any syndicated new 10-year GGB after 2010.
• Buoyed by Greece’s reacquisition of investment grade status, the transaction attracted a final orderbook in excess of EUR 35 billion, which represents the largest orderbook on record for any syndicated issue from the Republic, since 2010 - surpassing the previous EUR 30 billion record achieved in June 2021 for the tap of the 10-year due June 2031.
• The trade benefited from high-quality demand, with more than 290 accounts participating. This supported the Republic launching a EUR 4 billion transaction, which is a new record deal size for a GGB syndication after 2010.

Execution Summary

 The Hellenic Republic officially announced its intention to come to the market with a new long 10-year GGB benchmark on Monday, 29^th January at 11:30 CET, with a 15^th June 2034 maturity.

• The initial market reaction to the announcement was positive with constructive feedback received throughout the European session and overnight. Following a stable market open, the issuer and JLMs decided to formally open books and release initial guidance of MS+85bps area on the following morning at 09:10 CET.
• The deal received a robust response from investors from the outset such that by 10:45 CET the orderbook had grown to be in excess of EUR 30 billion (including EUR 1.225 billion of JLM interest). Given the strong momentum in the orderbook, the JLMs set the spread 5bps tighter at MS+80bps and concurrently announced books would close at 11:15 CET.
• At 13:05 CET, the size of the transaction was announced at EUR 4 billion with the final orderbook closing above EUR 35 billion (including EUR 1.425 billion of JLM interest).
• At 16:43 CET, the new 10-year GGB was priced with a re-offer yield of 3.478%, offering a coupon of 3.375% and a re-offer cash price of 99.130%
• The transaction benefited from well diversified investor support, with 87% of the transaction allocated to international investors, mainly located in the UK / Ireland, France DACH and Iberia.
• The transaction was well supported by Fund Managers (60%) and the Banks community (30%).

Distribution Statistics

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