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Spotlight from Greece
Moody's Says Greek Five-Year Bond Issue Credit Positive
04 02 2019Greece’s return in international capital markets in January with a five-year syndicated bond issue worth 2.5 billion euro is credit positive for the country’s rating, Moody’s Investors Service said in a report released on Friday. The credit rating agency, in the report said on 29 January, Greece (B3 positive) returned to the markets with a 2.5 billion euro five-year bond maturing in 2024, the government's first issuance after the conclusion of its third adjustment programme in August 2018. It was Greece's first debt issued outside of a programme after almost a decade of reliance on funding from the EU and IMF. Greece's foray into international capital markets is credit positive, as it reflects improving investor confidence and paves the paves the way for Greece returning to full market-based funding. Supported by a substantial cash buffer of around € 26.5 billion (13.8% of GDP) and strong euro area creditor support demonstrated by medium-term debt relief measures agreed in June 2018, we expect Greece to continue to fund itself entirely in the capital markets.