PRESS RELEASE – 13th of January 2026
The Hellenic Republic
(Moody's Ba3 Stable, S&P BBB Stable, Fitch BBB Stable, DBRS BBB Stable)
EUR 4.0 billion GGB 3.375% 16 June 2036
Summary Terms
Format: State Obligation, RegS Cat 1, 144A eligible, CACs
Issue Size: EUR 4.0 billion
Pricing Date: 13th January 2026
Settlement: 20th January 2026
Maturity: 16th June 2036
Coupon: 3.375%, Fixed, Annual ACT/ACT, short first coupon
Re-offer Spread: MS+58bps / DBR 2.9% 02/15/36 +60.9bps (Price: 100.33%)
Re-offer Yield: 3.470%
Re-offer Price: 99.196%
Listing: Athens, Regulated Market
Denominations: €1k +€1k
ISIN: GR0124042764
Lead Managers: BofA Securities, BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and Morgan Stanley
Transaction Highlights
- On Tuesday, January 13th, 2026, the Hellenic Republic (rated Ba3 by Moody’s, BBB by S&P, BBB by Fitch, and BBB by DBRS – all with Stable outlooks) successfully priced its first syndicated transaction of the year: a new €4 billion long 10-year benchmark Government Bond (GGB) with a re-offer yield of 3.470%.
- The transaction was jointly led by BofA Securities, BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE, J.P. Morgan, and Morgan Stanley.
- For 2026, the Public Debt Management Agency (PDMA) has announced funding program of €8 billion, similar with 2025. Following this issuance, 50% of the annual target has already been met.
- Investor appetite was very strong, with over 325 accounts participating and the order book closing above €49.5bn (12.4x oversubscribed) – representing the largest orderbook ever for the issuer. This strong demand enabled the issuer to tighten pricing from 60-65bps at initial price guidance to MS+58bps at pricing.
- At a reoffer spread of MS+58bps, the Hellenic Republic achieved its tightest ever pricing versus swap for a 10-year GGB. Furthermore, the new Jun-36 Benchmark priced at DBR+60.9bps, almost 40bps tighter than the 10yr issued at the same time last year, underscoring Greece’s improving credit profile and increased market confidence.
- This new 10-year line further reinforces Greece’s consistency as a key EGB issuer, as 2026 becomes the sixth consecutive year the country has opened its funding program with a 10-year benchmark syndication.
Execution Summary
- For its first transaction of 2026, the Hellenic Republic’s Public Debt Management Agency (PDMA) took advantage of the second week of January to issue a new benchmark 10-year Euro Government Bond (GGB) maturing on the 16th of June 2036.
- The mandate was announced on Monday, 12th January, at noon CET.
- Strong investor interest emerged immediately, allowing the issuer to release initial guidance and open books the following morning at 09:00 CET within the MS+60–65 bps range.
- In less than 90 minutes, a surge of high-quality orders pushed the orderbook to €45 billion, prompting the issuer to tighten guidance to MS+60 +/-2 bps, WPIR.
- Despite the tighter spread, demand continued to build. By the final update at 11:00 CET - when the spread was fixed at MS+58 bps - orderbooks exceeded €50 billion (including €2.05 billion of JLM interest).
- At 11:30 CET, capitalising on this outstanding demand, the issuer set the final size at €4 billion.
- The GGB Jun36 priced at 15.03 CET, offering a yield of 3.470%, and a reoffer cash price of 99.196%.
- The transaction benefited from a granular orderbook (338 accounts), and much diversified investor base, with 91% allocated internationally. The transaction was also very well supported by the Fund Managers (65%) and Banks (22%).
Final Distribution
