The 10-year benchmark bond reissue process was officially launched today by the Government Debt Management Agency (GMA), opening the bid book to the international investment community.
The move is part of the planned loan plan for the first half of 2026 and is part of a broader strategy of active management of Greek debt.
The auction is to raise additional funds through the extension of the existing security maturing on 16 June 2036. This bond carries a fixed annual coupon of 3.375%, while its current outstanding market balance already amounts to €4.55 billion.
On the pricing front, the initial margin (guidance) is placed in the region of 71 basis points above the benchmark mid-swap rate (MS+71 bps). Based on the above guidance, the estimated yield on the security stands at around 3.8% to 3.81%.
The issue has been designated “benchmark size”, meaning that the final bar of funds raised will be “locked in” after the quality and volume of bids on the book is assessed.
The process is being run with the assistance of influential names in the domestic and international banking scene. Joint bookrunners for the issue are Alpha Bank, Barclays, Citi, Commerzbank, Nomura and Societe Generale.
The offer book is expected to close within the day, while the official settlement date is set for next week, namely Wednesday 17 June 2026 (based on the T+5 schedule).
The new securities resulting from the “opening” of the issue will normally be listed for trading on the Athens Exchange.
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