Eurobank issued a new senior preferred bond.

Macro/Political:

•  After mounting pressure on the government in the wake of the OPEKEPE scandal, as links between politicians and underground networks of influence came to light, culminating in a series of consecutive revelations about diversionary practices, cover-ups, and entanglement, the Greek PM Kyriakos Mitsotakis, proposed forming a special team to carry out an audit using all available government resources to identify misused funds. During Monday’s cabinet meeting, Mr. Mitsotakis further stated that he “will not hesitate to take on the responsibility of all previous governments in order to change a state that needed to change.”

• The annual growth rate of total credit extended to the domestic economy increased to 6.9% in May 2025, from 7.2% in the previous month. The annual growth rate of total deposits increased to 5% in from 4.4% in the previous month. The monthly net flow of total credit was positive by EUR 298mn in May 2025, compared with a negative net flow of EUR 40mn in the previous month. The monthly net flow of total deposits was positive by EUR 1,525mn compared with a negative net flow of EUR 1,097mn in April 2025.
  Source: Bank of Greece

Markets:

• Eurobank raised EUR 500mn at a yield of 2.898% (MS + 90 bps) through the issuance of a 3NC2 senior preferred bond. Demand was very strong with the final orders’ book closing above EUR 4.4bn.

Macro/Political:

• Preliminary data released by CyStat showed that the General Government fiscal balance for the period of January- May 2025 presented a surplus of EUR 551,2mn (1.6% of GDP) compared to a surplus of EUR 542,6mn (1.6% of GDP) in the same period of 2024. Primary balance recorded a surplus of EUR 757.2mn versus a surplus of EUR 746.1mn in the corresponding period of 2024. During Jan- May 2025 total expenditure increased by EUR 302.1mn (+6.0%) to EUR 5,350.6mn from EUR 5,048.5mn in the corresponding period of 2024. Total revenue increased by EUR 310.8mn (+5.6%) to EUR 5,901.8mn compared to EUR 5,591 mn in the same period of 2024. Particularly, in May 2025 the General government fiscal balance presented a deficit of EUR 63.5mn (Primary balance deficit at EUR 5.9mn).
  Source: Cystat
  

• The European Commission endorsed a positive preliminary assessment of Cyprus’s fourth payment request  for EUR 75.9mn  under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU. Following its assessment of the payment request, submitted by Cyprus on 18 December 2024, the Commission has preliminarily concluded that Cyprus has satisfactorily completed the 23 milestones and targets set out in the Council Implementing Decision for the fifth instalment.
  Source: European Commission

• Total deposits in May 2025 recorded a net increase of EUR 20.8mn, compared with a net increase of EUR 492.9mn in April 2025. The annual growth rate of total deposits stood at 5,8%, compared with 7,6% in April 2025. The outstanding amount of total deposits reached EUR 56.1bn. Total loans in May 2025 recorded a net increase of EUR 116.8mn, compared with a net increase of EUR 169.1mn in April 2025. The annual growth rate stood at 5.1%, compared with 4.9% in April 2025. The outstanding amount of total loans reached EUR 25,7bn in May 2025.
  Source: CBC