Chicago, April 24 – The Hellenic Republic (Ba1/BBB-/BBB-/DBRS: BBBL) priced €3 billion of 4.125% 30-year bonds, according to a market source.
The bonds priced at 98.057 to yield 4.241%, or at mid-swaps plus 165 basis points. Guidance started in the 175 bps area, with a revision to mid-swaps plus 170 bps (give or take 5 bps). When the spread was set, the order book was over €32 billion.
Notably, the sovereign is now split-rated, nearly investment grade after routinely issuing debt as a junk issuer.
Deutsche Bank is handling billing and delivery. BNP Paribas, BofA Securities, Goldman Sachs Bank Europe SE, JPMorgan and Piraeus Bank were also bookrunners.
The Rule 144A and Regulation S notes will be listed in Athens.
| Issuer: | Hellenic Republic
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| Amount: | €3 billion
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| Issue: | Senior bonds
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| Maturity: | June 15, 2054
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| Bookrunners: | Deutsche Bank (billing and delivery), BNP Paribas, BofA Securities, Goldman Sachs Bank Europe SE, JPMorgan and Piraeus Bank
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| Coupon: | 4.125%
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| Price: | 98.057
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| Yield: | 4.241%
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| Spread: | Mid-swaps plus 165 bps
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| Trade date: | April 24
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| Settlement date: | May 2
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Mid-swaps plus 175 bps area; revised to 170 bps area
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| ISIN: | GR0138018842
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