By Marta Vilar – MADRID (Econostream) – Greece is highly likely to conduct another syndicated bond deal in 2026, though it has not yet decided whether it would involve launching a new benchmark or reopening an existing line, according to Dimitris Tsakonas, Director General of the Greek Public Debt Management Agency (PDMA).
In an interview with Econostream on 18 February 2026 (transcript here), Tsakonas said January’s syndicated 10-year issue attracted record demand of around €50 billion.
“We had never seen such high investor appetite, not even in the pre-crisis era,” he said.
Regarding the two remaining reopenings outlined in the 2026 funding plan, Tsakonas said the size of those transactions would depend on market conditions, investor demand and feedback from primary dealers.
A decision on whether to introduce a new bond would likewise hinge on investor appetite, he added, noting that a syndicated format could be used for either a new issue or a reopening.
“We will most likely carry out another syndicated transaction, although it is still unclear whether this will involve launching a new bond or reopening an existing one,” he said.
As for the timing of such syndication, Tsakonas said that decision would depend on demand and that there was yet “plenty of time.”
Demand along the Greek government bond curve was currently strongest in the 10-year sector, he said. Some investors favored shorter maturities such as the 5-year tenor, while others were looking further out the curve, including 15- or 20-year tenors.
On the possibility of issuing in foreign currency, Tsakonas said, “Never say never,” but stressed that current conditions did not justify such a move. Given Greece’s limited borrowing needs, there was no “room for experimentation”, he said.
Any foreign-currency deal would depend on a clear arbitrage opportunity, he said, adding that if that emerged, the most likely currencies would be the US dollar, the British pound or the Japanese yen, he added.
Tsakonas said there was room for the Greek spreads to tighten further due to solid economic fundamentals of the Greek economy and the scarcity value of its debt.
Even if demand continued to strengthen, Greece was unlikely to increase its gross issuance, as the PDMA’s priority remained reducing public debt while maintaining adequate secondary market liquidity, he said.
On sovereign ratings, Tsakonas said there was “upside potential” and that “a lot more” could come in future reviews.
He pointed to robust GDP growth, progress on structural reforms and tax reforms as key drivers that should support further upgrades in the years ahead.
“I cannot say when, but I am confident that Greece deserves a full return to normality—what I would define as an A+ rating,” he added.
