Greece

Spread to Bunds tightens after improved public finances trigger lift to BBB-

◆ Both deals are expected to price as early as Tuesday ◆ Unlikely to compete for demand due to differing ratings and buyer bases ◆ NBG will print the first Greek bond after Moody’s rating upgrades

Rare two-notch uplift follows returns to investment grade with Scope and DBRS

The southern European sovereign is also on the threshold of an IG rating from an ECB-recognised agency

Sovereign gets four times subscription in 'volatile' conditions on same day as EU

Baden-Württemberg adds to swollen Länder supply with rare floater

Long-dated bonds to be tapped and issued, Greece mounts tender offer

◆ Issuer achieves size and investor diversification ◆ Price and yield compressed since last year ◆ Worse market forces Greek bank debt wider

◆ Abanca surprises some with early AT1 refi via tender ◆ Piraeus looks to ride warm reception for Greek assets ◆ Different investors expected to support both deals

◆ Deal gives hope for more Greek senior issuance ◆ IG ratings appear mostly to have been priced in ◆ Alpha prices tighter than Slovenia's NLB

◆ Alpha to restart what is expected to be more Greek supply ◆ One debut green euro bond prices, one more to come ◆ Demand for short end paper swiftly absorbs reverse Yankee

Sovereigns should take advantage of positive spreads and rating moves to get funding