Greece to raise up to €7 bln from bond markets in 2024

Greece to raise up to €7 bln from bond markets in 2024

Greece plans to raise up to 7 billion euros from debt markets in 2024 through new short- and long-term bond issues and will allow retail investors to participate in treasury bill auctions, two government sources told Reuters on Tuesday.

The country, which recently regained an investment grade credit rating after 13 years, also plans to continue bond reopenings through auctions of up to €500 million each, to add liquidity in specific parts of the yield curve, if needed.

“The amount of about 7 billion euros that we plan to raise from markets might be raised a bit, if we reduce the [outstanding] amount of T-bills in circulation,” a Finance Ministry official told Reuters.

The outstanding amount of T-bills is about €11.5 billion and could be reduced by €1.5-2 billion in 2024.

Greece has raised about €9 billion from debt markets so far this year.

In 2022, it raised €8.3 billion.

The debt agency auctioned one-year T-bills last week, accepting offers from savers for the first time after years, with a yield of 3.81%, nearly twice the interest rate that Greek banks are offering depositors.

Earlier this month, Belgium raised a record €21.9 billion from savers in a bond sale designed to compete with bank deposits.

“We don’t plan to issue such a bond,” a second Finance Ministry official said, adding that depositors can participate in auctions of one-year T-bills. [Reuters]

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