Announcements

PRESS RELEASE – 24^th of April 2024

The Hellenic Republic
(Moody's Ba1 Stable, S&P BBB- Positive, Fitch BBB- Stable, DBRS BBB (low) Stable)

EUR 3 billion GGB 4.125% 15 June 2054

Summary Terms

Format:                                    Reg S Category 1, 144a eligible, CACs

Issue Size:                               EUR 3 billion

Pricing Date:                            24^th April 2024

Settlement:                              2^nd May 2024

Maturity:                                   15^th June 2054

Coupon:                                   4.125%, Fixed, Annual ACT/ACT

Re-offer Spread:                      MS+165bps / DBR 2.5% 08/54 +151.8bps (Price: 95.40%)

Re-offer Yield:                         4.241%

Re-offer Price:                         98.057%

Listing:                                     Athens, Regulated Market

Denominations:                        EUR €1,000 x €1,000

ISIN:                                        GR0138018842

Lead Managers:                       BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and Piraeus Bank

Transaction Highlights

• On Wednesday, 24^th of April 2024, the Hellenic Republic (rated Ba1 Stable by Moody’s, BBB- Positive by S&P, BBB- Stable by Fitch and BBB (low) stable by DBRS), successfully priced a new EUR 3bn 4.125% June 2054 (30-year) Government Bond (GGB) at a re-offer yield of 4.241%.
• The joint-bookrunners managing the transaction were BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and Piraeus Bank.
• This new 30-year GGB benchmark, the first since 2021, provides a new liquid reference in this key sector of the curve and extends to 2054.
• The transaction benefited from strong investor demand, with over 325 participating accounts and a 11x oversubscribed book, which allowed the issuer to tighten the spread by 10bps compared to the initial guidance.
• Final books closed above EUR 33 billion, representing the second largest orderbook for the Hellenic Republic since 2010 following January’s EUR 4 billion 10-year (books closed above EUR 35 billion), highlighting the growing investor demand.
• This successful new syndicated transaction comes after S&P Global Ratings revised its outlook to positive from stable on the 19^th of April 2024.
• The Hellenic Republic has now issued 2 new benchmarks via syndications in 2024 following a new EUR 4bn 10-year in January. Furthermore, the PDMA is holding regular bond auctions, across its yield curve.

Execution Summary

• On Tuesday, 23^rd April 2024, the Hellenic Republic announced a mandate for a new June 2054 bond (30-year).
• On the back of constructive feedback collected on Tuesday afternoon, the Hellenic Republic officially opened books on Wednesday at 9:15AM CET, with initial guidance released at MS+175bps area.
• Books reached above EUR 28 billion (including EUR 1.6 billion JLM interest) within 2 hours allowing the Hellenic Republic to revise the guidance at MS+170bps.
• Less than an hour later, the spread was set 5bps inside revised guidance at MS+165bps.
• At 11:50PM CET, the new 30-year was launched with a final size set at EUR 3 billion. Final orderbook closed above EUR 33 billion (including EUR 1.8 billion JLM interest).
• The new June 2054 priced at 16.00 CET, offering a yield of 4.241%, and a reoffer cash price of 98.057%.

Final Distribution

     By Investor Country                                                   By Investor Profile