Greece’s investment grade recovery, combined with the start of the ECB’s rate-cutting cycle, is accelerating activity for listed companies.
MARKETS
Major investment firms kicked off the new year with a barrage of positive recommendations for Greek bonds.
The inflow of real estate investment companies (REIC) into the stock market will continue in 2024.
The yield of the Greek 10-year bond, the benchmark of the Greek debt market, has now dropped below 3%, at the lowest levels since April 2022, when the main interest rate of the European Central Bank was still at negative levels.
Wall Street strategists are issuing forecasts for the performance of the stock market in 2024.
Mytilineos Energy & Metals continues to record top performances and will be included for a second consecutive year in the Dow Jones Sustainability Index Emerging Markets (“DJSI”), effective as of Monday.
The sooner Greece goes to the markets in 2024, the better, say analysts, stressing that demand for Greek bonds during next year’s issues will be particularly strong.
The Eurosystem maintained its holdings of Cypriot bonds valued at 6.75 billion euros as of the end of November, data from the Central Bank of Cyprus have shown.
The door is now wide open for the entry of quality and long-term investors, who manage trillions of dollars, into the Greek bonds market.
Greek bonds outperformed their eurozone counterparts considerably on Monday, with the 5-year Greek note even matching Spanish paper, having received a boost from Greece’s upgrade by Fitch Ratings on Friday night.
The investment community recognizes the momentum of the Greek economy.
The Public Debt Management Agency announced it will auction 52-week treasury bills on Wednesday to the amount of 375 million euros, in book entry form, with maturity on December 6, 2024.
Fitch Ratings added itself on Friday night to the list of rating agencies that have reverted Greece to investment grade.
The rating agency becomes the second major to take country out of ‘junk status’ after S&P.
Prime Minister Kyriakos Mitsotakis met leading investors and presented investment opportunities in Greece at the investment roadshow held by the Athens Stock Exchange and Morgan Stanley in London on Monday.
Major international investment firms are now placing Greek bonds among the top investments for the next few months.
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