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Will Greece complete its repayments to the IMF in 2021? (1/2)

GREECE
  • Greece announced earlier today that it would tap its 10-year 0.75% Jun-31 GGB that was launched in January for E3.5bln.
  • Greece has raised E9.0bln so far from GGB syndication in 2021.
  • In its funding plans for 2021, it outlined two funding scenarios, one with lower repayments (which would see E8.0bln of GGBs issued) and one with higher early repayments which would see E12.0bln issued).
  • It seems pretty clear to us that scenario 2 has been chosen. Greece has already made a repayment of E3.3bln to the IMF in March, close to the E3.8bln of early repayments set out in scenario 2.
  • If the upcoming transaction is E3.0bln or more, Greece will have completed the funding required for this higher scenario.
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