ODDH: Bond auction on June 17 canceled - Capital raised at 3 billion euros

The Public Debt Management Organization (ODDH) of Greece has announced the cancellation of a bond auction that was originally scheduled for June 17. This decision comes shortly after a highly successful bond issuance earlier in the month.

On June 10, the Hellenic Public Debt Management Organization successfully raised 3 billion euros through the reissuance of its 10-year bond. This amount covered approximately 95% of the borrowing program for 2026. The demand for this 10-year bond was exceptionally strong, reaching a total of 36 billion euros.

The interest rate for the bond was set at just 0.68% above the interbank rate (Mid Swap), resulting in an approximate yield of 3.75%. This favorable rate is lower than the initially projected 0.71% above the interbank rate, which would have placed it at 3.83%. The market's positive response, indicated by the high demand and favorable interest rate, demonstrates confidence in Greece's economic standing.

The original coupon for this bond, when first issued, was set at 3.375%. The banks that managed the reissuance on behalf of the Hellenic Republic were Alpha Bank, Barclays, Citi, Commerzbank, Nomura, and Societe Generale. The cancellation of the upcoming auction suggests that the government has met its immediate borrowing needs or is strategically waiting for potentially more favorable market conditions.