PRESS RELEASE – 17th of January 2023


Summary Terms

Format:                        State Obligation (in dematerialised book entry form), RegS Cat 1, 144A eligible, CACs

Size:                            EUR 3.5 billion

Pricing Date:                17 January 2023

Settlement:                  24 January 2023 (T+5)

Maturity:                       15 June 2033

Coupon:                       4.250%, Fixed, Annual, ACT/ACT, short first coupon

Re-offer Spread:          €MS+165 bps / DBR 2.3% 02/2033 (102.035%) +220.5bps

Re-offer Yield:             4.279%

Re-offer Price:             99.782%

Listing:                         Athens, Regulated Market

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

ISIN:                            GR0124039737

Lead Managers:           Barclays, BofA Securities (B&D/DM), Commerzbank, Goldman Sachs Bank Europe SE, J.P. Morgan and Société Générale


Transaction Highlights


  • On Tuesday, 17th of January 2023, The Hellenic Republic, rated Ba3 / BB+ / BB / BBH (Moody's stb. / S&P stb. / Fitch pos. / DBRS stb.), priced a EUR 3.5 billion long 10-year Government Bond (GGB), due 15th of June 2033.
  • The new benchmark carries a coupon of 4.250%, with a re-offer yield of 4.279%. The Joint-Lead Managers (JLMs) of the transaction were Barclays, BofA Securities, Commerzbank, Goldman Sachs Bank Europe SE, J.P. Morgan and Société Générale.
  • This transaction is the first syndicated EUR benchmark issued by the Hellenic Republic in 2023 and part of the announced €7bn medium and long-term debt issuance for the year.
  • The trade benefited from strong demand, with more than 230 accounts involved and a 6.2x oversubscription ratio in the orderbook, which allowed the issuer to tighten the spread 10 bps from Guidance.




Execution Summary


  • The Hellenic Republic announced its intention to issue its new long 10-year GGB benchmark on Monday, 16th of January at 11h50 CET, with a 15th of June 2033 maturity.
  • The initial market reaction to the announcement was positive and the issuer and JLMs decided to release Guidance of €MS+175 bps area on Tuesday, 17th of January at 9h30 CET. At the same time, the orderbook was formally opened.
  • The deal was well received by the market and by 11h40 CET the orderbook was above €17.5bn (including €675mln of JLMs interest). At this time, JLMs revised the guidance to €MS+170 bps area (+/- 5bp WPIR).
  • With the orderbook above €20.5bn (including €675mln of JLMs interest), at 12h25 CET the final spread was set at €MS+165bp. At 14h30 CET, the size of the transaction was announced at €3.5bn with the ordebook closing above €21.9bn (including €675mln of JLMs interest).
  • At 17h15 CET, the new 10-year GGB was priced with a re-offer yield of 4.279%, offering a coupon of 4.250% and a re-offer cash price of 99.782%
  • The transaction benefited from a granular and well diversified investor base, with 78% of the transaction allocated to international investors, mainly located in the UK, France and Iberia.
  • The transaction was well supported by Fund Managers (47%) and the Banks community (27%), followed by Hedge Funds (11%).

                                                                                  Distribution Statistics

              Breakdown by Geography                                                     Breakdown by Investor Type



 Picture1.png                         Picture2.png