Record bond issues by listed firms

Record bond issues by listed firms

This year has seen a record number of corporate bond issues by Greek listed companies, a relatively new form of borrowing for enterprises that only started in 2016 with the issue of a listed bond by Housemarket.

As investors seek satisfactory returns in the market, the vast majority of securities issued have attracted significant demand, with the total value of funds drawn so far this year coming to 1.4 billion euros, without including eurobonds such as the €500 million issue by Mytilineos in April.

That amount drawn could have been far greater given that almost all bonds issued were oversubscribed several times. For instance, the GEK Terna seven-year paper with a sustainability clause worth €300 million was 2.3 times oversubscribed.

Six more major groups have issued bonds this year, namely ElvalHalcor, CPLP Shipping Holdings, Costamare, Prodea, Naval Property and Motor Oil. Next year will start with a €100 million bond by Premia in January.

The value of bonds issued this year and traded at the bourse is estimated at €3.2 billion, with €2.4 billion concerning bonds issued in 2020 and 2021.

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