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Strong demand for 30-year benchmark bond, yield of 4.24 pct double 2021 rate
EconomyGreece’s debt managers leveraged the positive sentiment after S&P’s revision of the outlook for Greek Government Bonds (GGB) to positive last Friday and issued a new 30-year bond on Wednesday, the longest maturity since the same issuance in early 2021.
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Fiscal data for 2023 indicates that 2.1 pct of GDP goal is within reach
EconomyMacroeconomyIn the context of the first Excessive Deficit Procedure (EDP) notification of 2024, the fiscal data for the 2020-2023 period was released by ELSTAT on Monday. The figures contained encouraging signals for the Greek authorities as the fiscal framework becomes tighter and Greece aims to achieve large primary surpluses in the coming period.
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IMF sees 2024 growth at 2 pct, debt on downward trend due to high primary surpluses
EconomyMacroeconomyDuring the Spring meetings held by the International Monetary Fund and the World Bank in Washington this week, the IMF presented its latest global estimates as part of the World Economic Outlook and the Fiscal Monitor.
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Investment grade boost visible in strong demand for Greek assets
EconomyThe benefits that were widely anticipated from Greece securing the investment grade have become tangible over the last few months, at least on the demand side for Greek assets, including the sovereign, banks, and state assets.
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Investment grade rewards evident in first bond issuance of 2024, attracting record demand
EconomyThe benefits of Greece securing the investment grade for its sovereign debt from four rating agencies last year were clearly visible in the first bond issued by the Public Debt Management Agency on Tuesday.
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PDMA taps markets for first time this year via modest bond reopening
EconomyGreece’s debt managers have tapped the markets for the first time this year, with the re-opening of a 5-year issue that matures in June 2028, which had an initial issue yield of 3.875 pct.
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Greece aims to replicate last year's successful debt strategy in 2024
EconomyJust before the festive season, the Public Debt Management Agency (PDMA) released the debt strategy for 2024, which summarises the positive developments regarding Greece public debt in 2023 and outlines a modest debt plan for 2024, in line with last year’s successful strategy.
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Benefits of investment grade starting to become visible
EconomyGreece started seeing the first signs of the rewards from securing an investment grade from all the leading, and ECB accepted, rating agencies bar Moody’s, though domestic continue to cause concern for the government.
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Fitch rating upgrade seals Greece re-establishing itself as investment grade material
EconomyThe annual credit review cycle for Greece was concluded on Friday with Fitch becoming the latest rating agency to award Greece an investment grade, upping the country’s rating to ‘BBB-‘, while keeping the outlook stable.
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Final budget sees 2.9 pct growth in 2024, primary surplus at 2.1 pct of GDP
EconomyMacroeconomyThe Finance Ministry submitted to Parliament the final budget for 2024, which sees growth picking up next year and a sizable primary surplus in line with the country’s fiscal commitments that support debt sustainability.