Greece

Greece is hoping to become a frequent presence in the capital markets with a syndicated bond issuance every three months, according to the head of the sovereign's Public Debt Management Agency.

The scale of change in financial markets over the past decade has been crazy. At the beginning of 2010, the eurozone sovereign debt crisis was a gathering storm, with Greece about to become its first and biggest casualty. A decade on, some now consider the Hellenic Republic a safe haven investment as investors try to protect their money from the repercussions of the coronavirus outbreak.

Greece hit the market with its longest bond since the sovereign debt crisis on Tuesday. Its boldness was rewarded by its strongest order book since it returned to capital markets.

Czech lottery firm Sazka ventured into the euro high yield market again this week, issuing €300m of seven-year senior unsecured notes. The deal comes after Sazka made a successful debut in mid-November.

Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.

Ellaktor is looking to tempt international investors with a carefully designed green bond that excludes a shaky construction business. The Greek company is looking to replace most of its long-term capital structure, currently heavy on local bank loans.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

In this round-up, US president Donald Trump threatened to raise tariffs on China if the phase one deal is not reached, two Republican senators took action to speed up the passing of the Hong Kong Human Rights and Democracy Act and Chinese president Xi Jinping wrapped up a state visit to Greece.

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Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020.

Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.