Why ODDIX chose to enter the market in the midst of… a storm

One might say it is ironic that the Greek government, namely ODDIX, has chosen to announce its intention to issue a 5-year bond in an international and domestic situation, which can be described as anything but… calm.

A debt case, roughly coinciding with the announcement of the elections and in the midst of the biggest international banking crisis since 2008.

The truth seems even more paradoxical, if one considers that the 2023 gross borrowing program, There is only €3.5 billion left unfinished. It’s still March.

What is happening exactly? What is happening now It’s almost a consistent tactic for OTDICH in terms of lending.

It “sells” in time the already well-known positive forecasts, GDP growth, debt upgrade, debt reduction, preventing timely “buying” against the upcoming negative “news” of 2023 …

It did so in about the middle of January in the same way as the 10-year bond issue They ended up hitting 50% of their annual borrowing schedule before the first month of 2023 ended.

Now one can say that he certainly does, because even if the current uncertainty, both domestic and international, affects the issue negatively, he has no choice but to limit it to a minimum, since he has only 3.5 billion left. Covers the next eight months.

Or, conversely, if the market “buys” the positive outlook that ODDIX sells — which a recent Bloomberg article is so careful to remind — it can deplete the borrowing limit by “picking up” all the remaining 3.5 for 2023 before that March ends.

The advantage of ODDIX is that it has to manage, even in the current conditions of uncertainty, a multiplicity of demand compared to the capabilities of “supply”; With Greek bonds “scarce” in the secondary market and banks, funds and insurance companies apparently waiting for the latest non-investment issues…

Of course, the markets know that Upgrading is not something “tomorrow”, but something they want to “buy” in current conditions where returns in such an environment remain very attractive.

Of course, these terms of Greek bonds, in such an uncertain and unsightly environment, did not fall from the sky.

They have paid… very dearly through the arrangements and debt restructuring that they have brokered for the last 10 years.

So it is fortunate to have these advantages can still be replacedin an international environment reminiscent of Ukraine in the financial system …