Open a book of proposals for issuing a new 5-year bond. According to Reuters, the initial yield guidance is 95 basis points over the average swap, which is 3.97%.

Athens is trying to take advantage of the “window” that is being created before lengthy electoral procedures create reasonable uncertainty in the markets by issuing new 5-year bonds.

Since the planning of the elections calls for, in effect, the formation of the next government in July, ODDIX wanted to make its move now. After all, the goal is, among other things, to maintain a regular presence in the markets, which shows regularity.

The Greek state has nominated BNP Paribas, Citi, Deutsche Bank, Morgan Stanley, Nomura and Piraeus Bank for the issue, which will be our country’s second entry into the markets this year.

This was preceded by a 10-year bond issue on January 17, through which the Greek government raised €3.5bn with puts worth €21.9bn and an interest rate of 4.4%.

In practice, most of this year’s target for market borrowing has been met, which was set at €7bn for the year as a whole, and €8bn in the case of green bonds.

With €3.5 billion already raised, market sources estimate, ODDIX is continuing to issue bonds to cover the majority of its target ahead of the election, which the prime minister announced will take place on 21 May. .

After all, the entry into the markets takes place against the backdrop of positive reviews about the Greek economy from foreign houses.

At a conference hosted by the Hellenic Chamber of Commerce yesterday, Alex Muscatelli, director of Fitch, which upgraded Greece’s rating to one notch below investment grade (to BB+) in January, said the move was driven by improved public finances, strong nominal GDP growth and improved banking systems. We look forward to further improvements, he said, adding that another update could come. We see positive results that promote modernization, he said, adding that the government will continue to take measures that will improve the economy.

Steven Dyck, an analyst at Moody’s, which ranks Greece lower than other major banks (three notches below its credit rating), noted that the agency revised the country’s credit outlook to positive 10 days ago and that it has upgraded 4-5 ratings in recent years . . According to him, this is a sign of stability.

He noted that in order to achieve the investment level, further improvement in the quality of growth, which has been observed in the past two years, is necessary.

After all, JP Morgan, which remains neutral on Greek bonds in the short term due to political “noise”, stressed that it remains “constructive” and predicts that Greek bond yields will be similar or even slightly lower. compared to their Italian securities counterparts until the end of 2023.