GEK TERNA Raises EUR 500mn Through 7-Year Bond at 4.875% Yield

Macro/Political:

• Greece will today auction 13 Weeks T-Bills with maturity January 29, 2026. The amount to be auctioned is EUR 400mn.
  Source: PDMA
• Greece, the EU, Cyprus, Egypt, Bahrain and the United Arab Emirates issued a joint declaration at the UN on Monday opposing the Turkey-Libya maritime delimitation agreement. Greek Foreign Minister George Gerapetritis, speaking on behalf of the six parties, said the eastern Libyan parliament’s ratification of the 2019 Turkey-Libya maritime memorandum last week raised serious concerns about regional security and stability and posed a broader challenge to the international legal order. Gerapetritis warned that accepting agreements that disregard international law would set a dangerous precedent. He said the Turkey-Libya memorandum disregards the maritime rights of coastal states, including those of islands, and remains invalid, with no legal effect on third countries.

  Source: Kathimerini

Markets:

• HELLENiQ ENERGY announced that it has signed an agreement to acquire Star Oil in Cyprus, to further strengthen its presence in the Cyprus Market. It is also important to note that the agreement was signed with its subsidiary company, HELLENiQ ENERGY Cyprus Holdings Ltd, and the completion of the transaction is subject to the approval of Cyprus competition Authority.
  Source: StockWatch
• NBG announced that will exercise the Call Option with respect to all outstanding EUR 500 mn. Fixed Rate Resettable Unsubordinated MREL Notes due on 22 November 2027 (XS2558592932) (the Notes) issued on 22 November 2022 under the EUR 5bn Global Medium Term Note Programme of the Issuer (the Programme). The Notes will be redeemed at par as provided for under Condition 10.3 of the Notes. The current outstanding principal amount of the Notes is EUR 284.8 mn.
  Source: Euronext Athens
• GEK TERNA raised EUR 500mn at a yield of 4.875% (MS+140 bps) through the issuance of a 7-year bond. Demand was relatively strong with the final orders’ book closing above EUR 2.3 bn.
  Source: Bloomberg

Macro/Political:

• ENI signed contracts worth USD 1.8bn for the construction of infrastructure that will allow natural gas from Cyprus’ Kronos gas field to be extracted from beneath the seabed and transported to Egypt for liquefaction. The Kronos field is located in Block 6 of Cyprus’ EEZ, with ENI holding the rights to the resources in that block alongside energy giant Total. President Christodoulides said, among other things, that “Today’s developments mark a decisive step towards harnessing our nation’s natural wealth. It serves as a strong vote of confidence in our country’s energy prospects,” which “carries significant geopolitical and economic weight.” “At the same time, this development contributes decisively to the further strengthening of our economy, creating even greater capacity for the state to invest in policies which improve the daily lives and quality of life of its people,” he said.
  Source: Cyprus Mail

• The defence ministers of Cyprus and Israel signed an agreement on Monday for a new offshore patrol vessel. Israel Shipyards will build the new ship, while Rafael Advanced Defence Systems will supply its naval systems. Meanwhile, the Cypriot navy’s existing vessel, the Ioannides, which was also constructed by Israel Shipyards, will have its systems upgraded. The deal was signed by the Defence Ministry’s Permanent Secretary, Stelios Kountouris, and his Israeli counterpart, Amir Baram.
  Source: Cyprus Mail

• Cyprus President Nikos Christodoulides and Turkish Cypriot leader Tufan Erhürman will hold a new meeting today ahead of the arrival of the UN Secretary-General’s personal envoy, Maria Angela Holguin. The meeting is scheduled for 11 am at the UN offices in Nicosia. It is also important to note that Christodoulides is scheduled to meet with Holguin next Friday, while a trilateral meeting between the two leaders and Holguin is also scheduled for the coming days.
  Source: Stock Watch