Greece likely to repay EUR 53bn in first bailout loans by 2029, two years ahead of schedule

Macro/Political:

• The Greek PDMA announced that during the 52W T-Bills auction of EUR 400mn which took place yesterday, the total bids reached EUR 919mn and the amount finally accepted was EUR 500mn at a uniform yield of 2.62% (vs 2.41 % in the previous 52W T-Bills auction in June 2026).
  Source:PDMA

• Greece is likely to repay its first bailout loans worth EUR 53bn by 2029 two years ahead of schedule thanks to strong public finances and growth, two officials told to Reuters yesterday. More specifically, one of the officials said that it is highly possible that we fully repay the first bailout loans by 2030 or even by 2029 instead of 2031, while a second source confirmed repayment in 2029-2030, adding that if conditions allow it, the early repayments would be accelerated in the coming years. Furthermore, according to the article Greece, which already borrows at a lower cost than Italy and France, plans to borrow EUR 7-8bn next year through new benchmark issues, including a 10-year bond and reopenings of outstanding bonds.
  Source: Kathimerini

Markets:

• Ethniki Insurance raised EUR 100mn through an auction of a 10.25NC5.25 T2 bond and a EUR 100mn PNC5.5 RT1 bond. Demand was very strong, with final books closing at above EUR 275mn for the Tier 2 and above EUR 330mn for the RT1. Final yields were set at 5.279% (MS+200bps) for the Tier 2 and 6.875% (MS+370.9bps) for the RT1.
  Source: Bloomberg