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Greece Market Overview April 2018

Following our recent trip to Athens, we have summarized our core findings for your attention

  • Following seven consecutive years of economic adjustment, fiscal performance has strengthened significantly leading to a state of economic recovery. Privatization projects including the Egnatia Odos Motorway and Public Power Corporation will significantly boost state coffers, attracting significant interest from bulge bracket banks. In response, they are adding new headcount to Greek coverage teams to originate and execute such transactions
  • Greece made a return to the international financial markets, issuing €3bn of 5-year bonds at a 4.625% interest rate in 2017, which has paved the way for further bond issues. International platforms such as JP Morgan, Citi, Barclays, BNP Paribas and Nomura have capitalized on the momentum, following the most recent sale of a seven-year bond which raised an additional €3bn
  • With the real estate market standing at its lowest point, almost 50% of where it was almost a decade ago, it has attracted significant interest from international and local investors. Last month Dromeus Capital Group announced that its Greco Fund, which invests in income-producing real estate properties, won an international tender for two properties. The fund plans to invest over €200 mln in prime office real estate properties as well as turn its attention to the hospitality industry

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