Commentary & Deal Flow

Final Books >€36bn (inc €1.65bn JLM).

Launched: 10yr: €3bn @ MS+68bp - Books >€36bn (inc €1.55bn JLM Interest)
Spread set at: 10yr: MS+68bp - Books in excess of €31bn (inc €1.55bn JLM interest)
Guidance: 10yr: MS+71a

• Issuer: The Hellenic Republic
• LEI: 2138003EKTMKZ5598902
• Ratings: Baa3/BBB/BBB/BBB (Moody's/S&P/Fitch/DBRS)
• Format: State Obligation (in dematerialised book entry form), RegS Cat 1, 144A eligible, CACs
• Ranking: Senior unsecured, ECB repo eligible
• Settlement: 17-Jun-26 (T+5)
• Maturity: 16-Jun-36
• Size: €3bn
• Current O/S Size: €4.55bn
• Coupon: 3.375%, Annual, ACT/ACT, 1 day of accrued
• Benchmark: DBR 2.9 15-Feb-36 (HR 98%)
• Hedge Deadline: 12:50 LDN / 13:50 CET
• Listing: Athens, regulated market
• Law: English Law
• Denoms: €1k + €1k
• Docs: Exempt from prospectus requirements in Greece. Greek public Debt tax regime. Events of default. Tax gross up
• US taxation: OID may be applicable
• ISIN: GR0124042764 (immediately fungible)
• Bookrunners: Alpha Bank, Barclays (B&D / DM), Citi, Commerzbank, Nomura and Societe Generale
• Fees: The bookrunners will be paid a fee in connection to the transaction
• Target Market: The manufacturer target market (MiFID II product governance) is eligible counterparties, professional and retail clients (all channels for distribution)
• Timing: Pricing later today