Announcements

THE HELLENIC REPUBLIC

MINISTRY OF FINANCE | PUBLIC DEBT MANAGEMENT AGENCY

EUR 3.5 billion 0.75% new 10-year benchmark due 18 June 2031

Transaction Highlights

• On Wednesday, 27^th January, the Hellenic Republic, rated Ba3 / BB- / BB / BBL (all stable) issued a new €3.5bn long 10-year fixed-rate RegS/144a benchmark due 18 June 2031. The transaction has a coupon of 0.75% and a reoffer yield of 0.807%, equivalent to a spread of + 135.3bp over the DBR 0.00% Feb-31.
• This transaction marks the Hellenic Republic’s first syndicated EUR benchmark of 2021 and it breaks a number of records for the Republic, carrying the lowest coupon ever for Greece in 10yr and achieving the largest orderbook ever for the sovereign.
• The final orderbook was over €29bn, with more than 300 investors participating.

Issuance Timeline

• The Hellenic Republic officially announced its intention to come to the market with a EUR benchmark maturing in June 2031 the afternoon of Tuesday 26^th
• The initial announcement was well received by the market, enabling the Hellenic Republic to release IPTs of ms+110bps area on Wednesday 27^th January at 8.30am UKT to further collect IOIs from investors.
• The transaction was met with very strong investor demand from the outset, with orders in excess of €22bn (excl. JLM interest) by 9.50am UKT. Given the strong momentum in the orderbook, the issuer decide to formally open books at this point and also release guidance at ms+105bps area, 5bps tighter than IPTs.
• Shortly after 11:00am UKT, the orderbook had grown further to reach in excess of €25bn (excl. JLM interest), which allowed the spread to be set a further 5bps tighter at ms+100bps.
• The book grew further from there to close in excess of €29bn (excl. JLM interest), with the final size set at €3.5bn at 2:30pm UKT.
• The transaction was subsequently priced at 4:46pm UKT at a spread of ms+100bps, equivalent to DBR 0.00% Feb-31 + 135.3bps.

Distribution Statistics

           Distribution by Investor Type                                                       Distribution by Region                                                      

THESE MATERIALS ARE NOT AN OFFER FOR SALE OF THE SECURITIES IN THE UNITED STATES. SECURITIES MAY NOT BE SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE HELLENIC REPUBLIC DOES NOT INTEND TO REGISTER ANY PORTION OF THE SECURITIES OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

DISCLAIMER

This document has been prepared by the Joint Lead Managers for information purposes only. This document is an indicative summary of the terms and conditions of the transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction and any related security will be set out in full in the applicable offering document(s), pricing supplement or binding transaction document(s).

This document shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to the Joint Lead Managers’ internal approvals and satisfaction of all appropriate conditions precedent. No transaction or service related thereto is contemplated without the Joint Lead Managers' subsequent formal agreement.

The Joint Lead Managers are not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein. The Joint Lead Managers are acting solely in the capacity of arms’ length contractual counterparty and not as adviser, agent or fiduciary to any person. The Joint Lead Managers accept no liability whatsoever to the fullest extent permitted by law for any consequential losses arising from the use of this document or reliance on the information contained herein.

The Joint Lead Managers do not guarantee the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto.

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act. This document is not intended for distribution to and must not be passed on to any retail client.

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