Greece attracted more than €36 billion in investor orders in the reopening of its benchmark 10-year government bond, enabling the country to raise €3 billion and underscoring sustained international confidence in its sovereign debt.
The transaction, which reopened the bond maturing on June 16, 2036, was significantly oversubscribed, with demand exceeding the final issue size by more than twelve times. The bond carries a 3.375% coupon and was reissued at a yield of 3.799%, with pricing set at 96.527% of face value. Settlement is scheduled for June 17, 2026, and the securities will be fully fungible with the existing benchmark issue.
The strength of investor demand allowed Greece to tighten pricing during the book-building process. Initial guidance of 71 basis points over the mid-swap rate was reduced to a final spread of 68 basis points after the order book rapidly exceeded €31 billion within hours of opening.
More than 287 investors participated in the sale, with overseas accounts receiving roughly 94% of the allocation, highlighting the broad international appeal of Greek government debt. Asset managers emerged as the largest buyers, accounting for 59% of the issue, followed by banks with 23% and hedge funds with 9%. Central banks, official institutions and pension funds also took part in the offering.
The geographical distribution of investors reflected wide international participation. Buyers from the United Kingdom and Ireland accounted for nearly half of the allocation at 48%, while Italy represented 13%. Investors from the Iberian Peninsula and the rest of Europe each received 9% of the bonds, with Germany, Austria and Switzerland collectively accounting for another 7%.
The successful reopening provides another indication that Greece has firmly re-established access to international capital markets, with demand for its sovereign debt remaining resilient despite a higher global interest-rate environment.
The transaction was jointly managed by Alpha Bank, Barclays, Citi, Commerzbank, Nomura and Société Générale.
