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Greece's announcement of a 5-yr syndication (likely tomorrow) comes as only a modest surprise. As we wrote in this week's Eurozone Deep Dive, MNI saw around a 30% chance the PDMA would hold a syndication in May.

  • Greece has already sold E6.0bln of GGBs, which is 50% of its higher-end issuance goal for the year (range of E8.0-12.0bln in M-T/L-T issuance).
  • A Reuters story last month suggested the PDMA planned to hold two more syndications in 2021, raising a further E4.0bln in total.