NEW BOND ISSUANCE
So, Greece returned to the markets with a new 10 year bond, and the issuance was crowned with HUGE success. We are not talking about just a success, but a record breaking issuance.
Orders exceeded €51 billion, with Greece raising €4 billion. In simple terms, the issue was almost 13 times oversubscribed. This signals enormous confidence from international investors in our country. It means the markets see stability, credibility, and strong growth prospects.
The bond coupon was set at 3.375%, with the final yield at just 3.47%, even lower than last year’s 3.63%. This means cheaper borrowing at a time when global interest rates are rising. Coincidence? Not at all. On the contrary, it is proof that the Greek economy is now considered less risky.
“So what exactly has changed?” you might be wondering. What has changed is the investment grade status. Greece is now rated as an investment grade country, and this is clearly reflected in the fact that 330 institutional investors from Europe and America rushed to buy Greek debt. It is no coincidence that JP Morgan ($JPM) had opened a long position in Greek bonds versus Spanish ones, anticipating the success of this issuance.
And this is not where it ends. The next credit rating review for Greece comes in March, and if there is a further upgrade, the investment climate will strengthen even more. We may see new capital inflows into the country and increased interest in Greek equities.
INVESTMENTS
All of this has a direct impact on the Athens Stock Exchange. I remind you that the general index posted a return of +44.3% in 2025, while AETF, the ETF that tracks the 25 largest Greek companies, closed the year up +55%. That means it outperformed even the S&P 500 by 2.5 times.