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PRESS RELEASE – 14th of January 2025
Summary Terms
Format: State Obligation (in dematerialized book entry form), RegS Cat 1, 144A eligible, CACs
Size: EUR 4 billion
Pricing Date: 14 January 2025
Settlement: 21 January 2025 (T+5)
Maturity: 15 June 2035
Coupon: 3.625 %, Fixed, Annual, ACT/ACT, short first coupon
Re-offer Spread: €MS+102 bps / DBR 2.5% 02/35 +99.1bps
Re-offer Yield: 3.637 %
Re-offer Price: 99.913 %
Listing: Athens, Regulated Market
Denominations: EUR €1,000 x €1,000
ISIN: GR0124041758
Lead Managers: BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, Morgan Stanley,
National Bank of Greece and Société Générale
Transaction Highlights
- On Tuesday, 14th of January 2025, the Hellenic Republic, rated Ba1 / BBB- / BBB- / BBB (low) (Moody's pos. / S&P pos. / Fitch stb. / DBRS pos.), priced a EUR 4 billion 10-year Government Bond (GGB), due 15th of June 2035.
- The new benchmark carries a coupon of 3.625%, with a re-offer yield of 3.637%. The Joint-Lead Managers (JLMs) of the transaction were BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, Morgan Stanley, National Bank of Greece and Société Générale.
- This transaction is the first syndicated EUR benchmark issued by the Hellenic Republic in 2025 and part of the announced EUR 8 billion medium and long-term debt issuance for the year.
- This new GGB 10-year offering benefited from strong investors’ demand, with more than 270 accounts involved in the transaction, and with the final orderbook closing in excess of EUR 40.5 billion (incl. EUR 2 billion of JLM interest), the largest orderbook ever achieved by the Hellenic Republic.
Execution Summary
- The Hellenic Republic announced its intention to issue its new 10-year GGB benchmark on Monday, 13th of January at 11h55 CET, with a 15th of June 2035 maturity. The initial market reaction to the announcement was positive and the JLMs immediately started to receive indications of interest from investors.
- On Tuesday 14th of January at 9h25 CET, the issuer and JLMs decided to release Guidance of €MS+107 bps area to the market. At the same time, the orderbook was formally opened.
- The deal was well received by the market and by 10h40 CET the orderbook was in excess of EUR 31 billion (including EUR 2 billion of JLMs interest). At the same time, the final spread was set at €MS+102 bps, with the orderbooks set to close at 11h00 CET.
- At 13h20 CET, the size of the transaction was announced at EUR 4 billion with the orderbook closing above EUR 40.5 billion (including EUR 2 billion of JLMs interest), a new record for the Hellenic Republic.
- At 16h15 CET, the new 10-year GGB was priced with a re-offer yield of 3.637%, offering a coupon of 3.625% and a re-offer cash price of 99.913%.
- The transaction benefited from a granular and well diversified investor base, with around 89% of the transaction allocated to non-domestic international investors. In terms of investor type, Fund Managers (52%) and the Banks community (29%), represented the lion’s share of the final allocation, followed by Hedge Funds (9%).
Distribution Statistics
Breakdown by Geography Breakdown by Investor Type
