Issue of new 30-year bond

Armed by the surprise move from Standard & Poor's last Friday, upgrading Greece's outlook to "Positive," the Public Debt Management Agency is on Wednesday set to make its second major market foray for 2024, with a new 30-year bond.

BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe, JP Morgan and Piraeus Bank have undertaken to "run" the entire process of the syndicated issue, with the new bond set to mature on June 15, 2054.

The goal of the PDMA is to draw 2-2.5 billion euros (depending on how the offers will move), while the interest rate is expected to be above 4%.

It is noted that this is the second issuance of a similar duration after the 2008 crisis. In March 2021, a 30-year bond was also issued, with offers exceeding €26 billion and the Greek state raising €2.5 billion at an interest rate of 1.956% and a coupon of 1.875%. That was...