Athens-listed Mytilineos Group is ready to tap the international capital markets in the next few months, well-informed banking sources say.
Enjoying one of the best credit ratings among the country’s biggest enterprises (BB from Fitch Ratings and BB- from S&P Global Ratings) and high liquidity, it is estimated Mytilineos can draw significant cash amounts at a particularly attractive interest rate. This way it will also reduce its average cost of borrowing and secure an even greater financing capacity for the development of its investment plans that include acquisitions such as DEPA Commercial and Larco, and bidding for concession projects such as Egnatia Odos, waste management units etc.
According to investment bankers in London, Mytilineos has been advised to issue corporate bonds, in one or two stages, whose total value could even be twice that of 2019 – i.e. 1 billion euros – definitely one of the biggest a Greek enterprise has ever issued.
On Thursday the group will announce its results for the 2020 financial year and market analysts speak of an increased turnover from 2019 to €1.9 billion euros, despite the recession.