With the eyes fixed on the next upgrade of the country’s creditworthiness, to the investment grade, but also the decisions of the European Central Bank (ECB) next Thursday on interest rates, the secondary bond market moved today.

The prices and yields of the bonds after the upgrade by DBRS on Friday, with which the Greek economy returned to the investment grade, moved stabilizing today, a fact that initially the market had already discounted this development.

It is indicative that since the beginning of the year Greek bonds have made a small rally as their yields have fallen by around 0.6% to levels of 4%.

At the same time, their margin against German bonds has shrunk by 0.65% to 1.34%.

Therefore, further developments with inflows of new investment funds in the bond market are expected when these will be included in the so-called global bond indices.

But a condition for doing this is that the country has the investment grade from at least two international rating agencies. The next assessment by Standard & Poors, which has ranked Greece just one step lower than investment grade, is scheduled for October 20. S&P is considered very likely to upgrade Greece, given that it has given a positive outlook. The “verdict” from Moody’s comes on September 15, which, however, has ranked Greece two levels below investment grade (Ba3, with positive outlook).

In the secondary bond market today, and more specifically in the Electronic Transaction System (HDAT) of the Bank of Greece, transactions of 108 million euros were recorded, of which 29 million euros related to purchase orders.

The yield on the Greek 10-year bond stood at 3.96%, from 3.98% on Friday, against 2.63% of the corresponding security, resulting in the spread at 1.33% from 1.37%.

In the foreign exchange market, the euro moves upwards against the dollar, with the result that in the afternoon the European currency trades at $1.0754 from the level of $1.0731 that opened the market.