| We advised the Joint Lead Managers of the Hellenic Republic’s issuance of €2,500,000,000, 1.875 per cent Notes due 2035, on the terms and conditions set out in the offering circular prepared by the Republic and dated 31st January 2020. The Notes were issued in dematerialised and uncertificated form registered within the Bank of Greece System for Monitoring Transactions in Book-entry Securities established pursuant to Law 2198/1994, of the Republic and are listed on the Athens Exchange. According to the PDMA’s announcement, “This 15-year benchmark issue represents the bond with the longest tenor that has been issued by the Hellenic Republic since the onset of the financial crisis, in 2009. Furthermore, it constitutes the first time that the Hellenic Republic comes to the market with a new, all-new-money bond whose maturity is longer than 2032, the year when the long-term relief measures for the Greek debt are expected to expire. In this regard, the transaction demonstrates the trust of the investor community towards the Greek State and represents yet another illustration of the country’s return to “normality” in international capital markets. This transaction is also the first GGB syndication after the end of Hellenic Republic’s fiscal adjustment programme to be priced vs. mid-swaps, rather than yield, further highlighting Greece’s return to European government bond (“EGB”) space.” |
