Syndicated Bond

EUR 4.0 billion GGB 3.375% 16 June 2036

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%).