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The Hellenic Republic priced the tap of its Eu5.2bn July 2025 Eurozone inflation-linked transaction this week despite volatile market conditions. The issuer, which was aiming for a Eu1.5bn minimum tap, was able to print an impressive Eu2bn.

Continuing the theme of the first quarter, this week saw the latest in a series of unusually structured privately placed EuroMTNs tied to the difference between French inflation and the euro zone Harmonised Index of Consumer Pricing excluding Tobacco (HICPX) — an inflation indicator used by the European Central Bank.