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IG Eligibility Eyed After Hours


Fitch are scheduled to review Greece's rating after hours, with an upgrade to IG generally expected by analysts (current rating one notch below at BB+, outlook stable). An upgrade would provide eligibility to most IG indices for the first time since the Euro sovereign debt crisis.

  • In October, S&P upgraded Greece to Investment grade (BBB-; Outlook stable) noting at the time that "Greece's public finances are improving thanks to the budgetary consolidation efforts", with significant progress being made in "addressing Greece's economic and fiscal imbalances".
  • GGBs have outperformed Italian counterparts throughout the year, with GGBs currently trading 50bps through BTPs. That represents a pullback from cycle extremes near 70bps, but a significant premium considering their respective yields were the same at the start of the year.

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