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PREVIEW: Greece 5y tap (1/2)

EGB SYNDICATION
  • Greece will come to the market in the "near future" to hold a syndicated tap of the 2.00% Apr-27 GGB. We expect the transaction to take place tomorrow.
  • This will be the second transaction of the year and we had noted in the "MNI April/May Eurozone Issuance Deep Dive" that we expected either a 5-year or 10-year transaction to take place soon.
  • We had thought that the PDMA might prefer to launch a new 5-year GGB rather than tap and existing GGB. However, we note that there is only E2.42bln outstanding of the 2.00% Apr-27 GGB and the coupon is not too far away from where the current yield.
  • The 2.00% Apr-27 GGB was originally launched in April 2020 as a 7-year GGB with E2.0bln sold via syndication. A further E424mln was sold in December as part of the PSI exchange. There have been no other taps of the GGB.
  • We expect a transaction size of E1.5-2.5bln to bring the total outstanding amount to around E4-5bln.
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