Markets: Retreat of the Greek bond – The achievement of investment grade is discounted

A positive atmosphere and buying interest prevails today Thursday at Greek bond market, as investors seem to be discounting the scenario of the country’s credit rating being upgraded in the investment grade.

Tellingly, the yield on the 10-year bond fell to 3.7% today, and the spread over German bonds fell below the 2% mark.

Finance Minister Christos Staikouras said today on Bloomberg TV that the country is close to the goal of reaching investment grade. “Greece is close to achieving the goal of securing the investment grade,” he said characteristically, adding that Greece will achieve the goal within 2023. Referring to the fiscal, he committed that the budget will start showing primary surpluses from 2023.

In the meantime, the investment bank Goldman Sachs in today’s report predicts that the country has increased chances of regaining the investment grade at the beginning of 2023. As pointed out, the Greek economy continued to improve, while it is expected that it will continue to perform better than the eurozone in 2023, with the EU and IMF forecasting average real GDP growth of 1.3% versus -0.1% forecast for the eurozone.

They were recorded in the secondary bond market and specifically in HDAT today transactions of 84 million euros of which 12 million euros related to purchase orders.
The yield on the Greek 10-year bond stood at 3.72% from 3.80% yesterday versus 1.81% for the corresponding German bond, bringing the spread to 1.91% from 2.01%.

In the foreign exchange market, the euro is moving higher against the dollar, as the European currency was trading at $1.054 in the early afternoon from the $1.0498 level at which the market opened.

The indicative euro/dollar exchange rate announced by the European Central Bank was 1.0519 dollars.

RES-EMP

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