The successful completion on Tuesday of a 15-year syndicated bond issue by the Greek state, which raised 3.5 billion euros out of bids exceeding 13.4 billion euros and with an interest rate of 4.45 percent, was greeted with satisfaction and expectations for the restoration of the country’s investment grade status.

“Today’s issue was successfully and significant over-subscription, despite continued uncertainty in the global economic landscape. These results attest to the coming of the investment grade (rating) for our country, which will lead to a further reduction in the borrowing costs,” Finance Minister Kostis Hatzidakis said in the wake of the issue.

He added that the newly re-elected Mitsotakis government will aim for an early repayment of loans issued by institutional lenders during the first bailout memorandum, in tandem with reducing the public debt below 140 percent of Greece’s GDP by 2027.

The bond issue on Tuesday was oversubscribed by 3.82 times. The final spread was set at 125 basis points above the mid swap (4.45 percent), from 130 basis points above the mid swap (3.2 percent), in other words close to the initial 4.5 percent.

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