The Hellenic Republic

EUR 3 billion GGB 1.750% due 18 June 2032


PRESS RELEASE – 19th of January 2022


Summary Terms


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

Size:                            EUR 3 billion

Pricing Date:                19 January 2022

Settlement:                  26 January 2022 (T+5)

Maturity:                       18 June 2032

Coupon:                       1.750%, Fixed, Annual, ACT/ACT, short first coupon

Re-offer Spread:          MS+140bps / DBR+184.2bps (ref spot 100.06%)

Re-offer Yield:             1.836%

Re-offer Price:             99.197%

Listing:                         Athens, Regulated Market

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

ISIN:                             GR0124038721

Lead Managers:           Barclays (B&D/DM) / Commerzbank / Eurobank / Morgan Stanley / Nomura / Société Générale


Transaction Highlights

  • On Wednesday, 19th of January 2022, the Hellenic Republic, rated Ba3 Stable by Moody’s, BB Positive by S&P, BB positive by Fitch and BB positive by DBRS, priced a EUR 3 billion 10-year Government Bond (GGB), due 18th of June 2032
  • The new benchmark carries a coupon of 1.750%, with a re-offer yield of 1.836%. The Joint-bookrunners managing the transaction were Barclays, Commerzbank, Eurobank, Morgan Stanley, Nomura and Société Générale.
  • This transaction is the first syndicated EUR benchmark issued this year and it is part of the announced €12bn Financing Plan of the Hellenic Republic in 2022. In addition, it marks another key step in the normalization of Greek Government Bonds witnessed in recent years
  • The trade benefited from strong demand, with over 175 accounts involved and a 5x oversubscription book, which allowed the Issuer to tighten 5bps from Guidance


Execution Summary

  • The Hellenic Republic announced its intention to issue its new 10-year GGB benchmark on Tuesday, 18th of January at 13h00 CET with a June 2032 maturity
  • The initial market reaction to the announcement was positive and, despite the softer market environment, Guidance of €MS+145 bps area was released to the market on Wednesday, 19th of January at 9h20 CET. At the same time, books were formally opened
  • Reaction from investors was good: by 11h00 CET the orderbook was in excess of €11bn (including €875mln of Joint-Lead Managers’ interest). At this time, Leads fixed the spread at €MS+140 bps
  • Books were closed at 12h00 CET in excess of €15bn (including €900mln Joint-Lead Managers’ interest). At 14h50 CET the size of the transaction was set at €3bn
  • At 16h40 CET, the new 10-year GGB was priced with a re-offer yield of 1.836%, offering a coupon of 1.750% and a re-offer cash price of 99.197%
  • The transaction benefited from a granular (179 accounts) and much diversified investor base, with 84.5% allocated to international investors, mainly located in UK and Ireland, France and Italy.
  • The transaction was also well supported by Fund Managers (48.7%) and Banks community (29.8%), as well as Hedge Funds (12.8%)


Distribution Statistics

                           Breakdown by Geography                                                                           Breakdown by Investor Type