The Hellenic Republic

EUR 2 billion Tap of 4.375% 15-year Benchmark due 2038

EUR 1 billion Tap of 4.125% 30-year Benchmark due 2054

Switch and Tender Offer of Notes due Feb-2026 and Jul-2026

PRESS RELEASE – 13^th March 2025

Summary Terms

Transaction Highlights

• On Thursday, 13th March 2025, the Hellenic Republic, rated Ba1 / BBB- / BBB- / BBB (Moody's pos. / S&P pos. / Fitch stb. / DBRS stb.) priced a EUR 3 billion dual tranche transaction consisting of a EUR 2 billion re-opening of the existing 15-year GGB due July 2038 and a EUR 1 billion reopening of the existing 30-year GGB due June 2054.
• The transaction included a Switch and Tender Offer on Hellenic Republic’s EUR 0.000% Notes due February 2026 and EUR 1.875% Notes due July 2026 at the repurchase price of 98.170% and 99.770% respectively.
• The 15-year fixed-rate RegS/144a GGB benchmark due July 2038 which has a coupon of 4.375% was tapped for EUR 2 billion at a re-offer yield of 4.057%, equivalent to a spread of +101.4bps over the DBR 05/38.
• The 30-year fixed-rate RegS/144a GGB benchmark due June 2054 which has a coupon of 4.125% was tapped for EUR 1 billion at a re-offer yield of 4.408%, equivalent to a spread of +124.3bps over the DBR 08/54.
• This transaction marks the Hellenic Republic’s second syndicated EUR transaction of 2025 and forms part of the announced EUR 8 billion medium and long-term debt issuance for the year. The Joint-Lead Managers (JLMs) on the transaction were Barclays, BNP Paribas, Commerzbank, Eurobank, J.P. Morgan and Piraeus.
• This reopening strategically increases the liquidity in two key maturity points in 2038 and 2054, which combined with the switch and tender offer of Notes due 2026, highlights the PDMA’s flexible and proactive approach to debt management.
• Buoyed by the ongoing risk re-rating of Greek assets following the return of the Hellenic Republic to investment grade, the transaction attracted a combined final orderbook in excess of EUR 56.5 billion, which represents the largest orderbook on record for any syndicated issue from the Republic. Testament to the Hellenic Republic’s strong credit metrics and fiscal discipline, the joint final orderbook amassed over 430 orders, highlighting the Hellenic Republic’s continued appeal to the global investor community.
• The 15-year final orderbook closed with more than EUR 35 billion (including EUR 800 million JLM interest) of orders, which represents the largest orderbook on record for the Hellenic Republic in this tenor. Meanwhile, the 30-year tranche achieved orders in excess of EUR 21.5 billion (including EUR 300 million JLM interest).
• The results of the switch and tender offer were the pro-rata purchase of the Notes due February 2026 tendered pursuant to valid Preferred Instructions, with a Scaling Factor of approximately 77%, and 2026 Notes due July 2026 tendered pursuant to valid Preferred Instructions, with a Scaling Factor of approximately 35%. The total Preferred Instructions accepted across the notes due February 2026 and July 2026, total €1,509,626,000.

Execution Summary

• The mandate for the Hellenic Republic’s dual tranche syndication was announced on Wednesday 12^th March at 15:08 CET, following the US CPI release, with the objective of executing the transaction on Thursday 13^th
• The initial market reaction to the announcement was positive with constructive feedback received throughout the European session and overnight. On Thursday 13^th at 09:05 CET, the Hellenic Republic officially opened books with guidance of ms+134bps area and ms+182bps area for the 15-year and 30-year tranches respectively.
• Investor demand was robust for both tranches and at 11:27 CET, the orderbook for the 15-year tranche had accelerated above EUR 28 billion (including EUR 800 million JLM interest) while the orderbook for the 30-year tranche stood in excess of EUR 21 billion (including EUR 300 million JLM interest). Given the strong momentum in the orderbook, the JLMs revised the spread guidance 5bps tighter on both tranches to MS+129bps area on the 15-year and MS+177bps area on the 30-year.
• Despite the price revision, both orderbooks continued to grow with the 15-year surpassing EUR 32 billion (including EUR 800 million JLM interest) and the 30-year in excess of EUR 21.5 billion (including EUR 300 million JLM interest) at 12:49 CET. Concurrently, the issuer set the final spread at MS+126bps and MS+175bps which represents a slim final new issue premium of +2bp and +1bp on the 15-year and 30-year tranche respectively.
• At 13:55 CET, the size of the transaction was announced at EUR 2 billion on the 15-year and EUR 1 billion on the 30-year with the final combined orderbooks closing above EUR 56.5 billion (including EUR 1.1 billion JLM interest), split with more than EUR 35 billion (including EUR 800 million JLM interest) of orders in the 15-year and EUR 21.5 billion (including EUR 300 million JLM interest) in the 30-year. This represents the largest total demand achieved for any syndication from the Hellenic Republic on record.
• The 15-year line officially priced at 17:54 CET with an issue price of 103.206% resulting in a re-offer yield of 4.057% and a spread of 101.4bps over the DBR 05/38. The 30-year tranche was officially priced at 17:56 CET with an issue price of 95.383%, providing a re-offer yield of 4.408% and a spread of 124.3bps over the DBR 08/54.

                                                        15-year Distribution Statistics

            Breakdown by Geography                                                  Breakdown by Investor Type

                                                           30-year Distribution Statistics

               Breakdown by Geography                                               Breakdown by Investor Type