One or two bond issues in 2025

The Greek state will proceed with one or - at most - two new bond issues in 2025, depending of course on market conditions, with a new 10-year note being certain.

As for the second syndicated issue, if and when it is deemed appropriate, it will depend on investment demand, although the target for now is shorter-term maturities, such as a new five-year paper.

In any case, as this year, 70-80% of the issuance activity will be covered by syndicated issues and the rest by planned reissues of existing securities. The total amount that will be raised from the markets in 2025 is 8 billion euros, with €2 billion of these therefore relating to reopenings. Given that the gross financing needs of the state for 2025 are close to €11 billion and the primary surplus will be close to €7 billion, there is room for issuance activity of around €3-4 billion. However, with such low...