Greek bond market statistics show a sovereign borrower with €403.861 billion of gross debt at the end of 2024, including €105.286 billion in debt securities. The 2024 borrowing programme combined syndicated bonds, reopenings, and cash management, while the debt portfolio retained a long average life and limited near-term refinancing exposure. The figures below distinguish 2024 outcomes from later market observations and identify the relevant geography and measurement date.
Contents
- 2024 economic and fiscal setting
- Borrowing programme and financing needs
- Greek government bond issuance in 2024
- Debt stock and composition
- Maturity, cost, and refinancing risk
- Secondary-market infrastructure and trading data
- Government and corporate bond market indicators
2024 economic and fiscal setting
The Sovereign Borrowing Outlook 2024 | Greece reported real economic growth of 2.1% for Greece in 2024, while the OECD put the country’s 2024 GDP growth at 2.3%. Greek inflation fell to 3.0% in 2024. These are annual national figures, not bond-market returns.
The same source reported a 9.5% unemployment rate in Greece in August 2024. The PDMA projected unemployment at 9.0% by 2026, which is an estimate for a future period rather than a 2024 observation. Employment grew by 1.7% in the first half of 2024, and Greece created 339,208 new jobs during that six-month period.
Fiscal and investment measures also formed part of the borrowing context. Greece’s primary surplus rose to 4.8% of GDP in 2024, while investment increased by 6.7%. General government debt fell by about 53 percentage points of GDP between 2020 and 2024, from 207% in 2020 to 154% in 2024. The more precise 2024 general government debt ratio reported by the Sovereign Borrowing Outlook 2024 | Greece was 153.6% of GDP.
Borrowing programme and financing needs
Greece’s 2024 gross financing needs were €15,036 million. Medium- and long-term borrowing covered €11,917 million of those needs, with a settlement value of €11,868 million. Income from financial transactions contributed €1,061 million. Net short-term borrowing decreased by €1,169 million, while consumption of cash in the financing plan was €3,276 million.
The PDMA raised €9,502 million through bond issues in 2024. Syndicated transactions supplied €6,907 million of that amount, and auctions of existing securities supplied €2,595 million. The 2024 financing was covered mainly by syndicated 10-year and 30-year fixed-rate bonds with a combined nominal value of €7.0 billion. Reopening auctions added €2.55 billion in total nominal value.
The EU Recovery and Stability Mechanism tranche disbursed €2,327.2 million in 2024. In December 2024, Greece prepaid €7,935 million of GLF debt for maturities in 2026, 2027, and 2028. These figures describe financing flows and debt management actions for Greece during 2024; they are not measures of secondary-market turnover.
Greek government bond issuance in 2024
The two major syndicated issues were a 10-year bond dated 6 February 2024 and a 30-year bond dated 2 May 2024.
| Issue date | Maturity | Tenor | Nominal amount | Priced yield |
|---|---|---|---|---|
| 6 February 2024 | 15 June 2034 | 10 years | €4 billion | 3.478% |
| 2 May 2024 | 15 June 2054 | 30 years | 30 years | €3 billion; 4.241% |
The second row combines the supplied amount and yield in one cell because the issue had a €3 billion nominal amount and was priced at a 4.241% yield. Together, the two issues account for the €7.0 billion nominal value cited for the principal syndicated fixed-rate borrowing.
Reopenings extended the supply of existing Greek government securities. On 24 January 2024, a reopening of the 15 June 2028 bond had a 4-year tenor, €250 million nominal value, and a 2.720% yield. On 21 February, the 15 June 2028 bond was reopened for €200 million at 2.854%, while the 15 June 2033 bond was reopened for €200 million at 3.320%.
On 27 March, the 15 June 2028 bond was reopened for €250 million at 2.850%. On 24 April, the 4 February 2035 bond was reopened as an 11-year tenor issue of €200 million at 3.613%. On 29 May, the 15 June 2034 bond was reopened for €250 million at 3.506%; a second 29 May reopening of that bond was reported at €250 million and 3.110%.
On 26 June, the 15 June 2034 bond was reopened for €200 million at 3.556%. On 24 July, the 12 March 2029 bond was reopened for €250 million at 2.807%. A later reopening of that bond on 23 October was €250 million at 2.381%. On 27 November, the 15 June 2034 bond was reopened for €250 million at 3.160%.
Debt stock and composition
At the end of 2024, the Sovereign Borrowing Outlook 2024 | Greece reported gross debt of €403.861 billion. Debt securities accounted for €105.286 billion, of which short-term debt securities were €8.416 billion and long-term debt securities were €96.870 billion. Loans were €298.575 billion.
| End-2024 measure | Amount or share |
|---|---|
| Gross debt | €403.861 billion |
| Debt securities | €105.286 billion |
| Short-term debt securities | €8.416 billion |
| Long-term debt securities | €96.870 billion |
| Loans | €298.575 billion |
| Domestic-currency gross debt | €403.855 billion |
| Foreign-currency gross debt | €6 million |
The Hellenic Republic’s general government debt was €364.885 billion in 2024. General government net debt was €329,213 million at the end of 2024, and total general government cash reserves were €36,281 million. These general-government measures differ in scope from the central-administration gross-debt figures.
Central administration cash at the end of 2024 was €18,231 million. SDR holdings were €1,220 million at 31 December 2024, bringing total central administration cash including SDR holdings to €19,451 million. The cash buffer account was approximately €10.7 billion.
The Treasury-bill stock fell to €8,416 million at the end of 2024, while repo stock rose to €56,944 million. The indicative €STR on 31 December 2024 was 2.9050%. These are end-period or dated observations for the Greek financing framework, rather than annual averages.
Maturity, cost, and refinancing risk
The weighted average maturity of new medium-term borrowing in 2024 was 16.54 years. The weighted average cost of total new borrowing excluding repos was 3.43%. The debt portfolio’s average time to next refixing was 18.17 years, and its average life was 18.79 years.
At 31 December 2024, refinancing risk over one year was 4.50%, and refinancing risk over five years was 16.50%. Refixing risk over one year was 7.58%, while refixing risk over five years was 18.82%.
Before derivatives, foreign debt represented 0.01% of total debt and floating debt represented 12.28%. After derivatives, foreign debt remained 0.01% of total debt, while floating debt was 0.00%. The before-and-after figures describe the debt exposure under two presentations of the portfolio; they should not be treated as separate debt stocks.
The PDMA executed five SDR purchase operations in 2024. Those purchases totaled SDR 86.1 million in nominal value. This SDR activity is reported in special drawing rights, while the debt-stock amounts above are primarily expressed in euros.
Secondary-market infrastructure and trading data
The Bank of Greece says the Electronic Secondary Securities Market, or HDAT, has published official daily price bulletins for Greek government securities since 15 March 1999. HDAT is operated and managed by the Bank of Greece. Its trading is quote-driven: assets trade at bid and ask prices quoted by members. The market is open Monday through Friday from 10:00 to 18:00.
HDAT members are either Dealers or Primary Dealers. The current HDAT roster lists 18 Primary Dealers and 3 Dealers. Government benchmark bond prices and yields are available daily for the last 30 trading days, while monthly data extend back to March 1999. HDAT trading-volume data are published daily for the current year in nominal euro value, and monthly volume archives go back to 2001.
The HDAT Daily Trading Activity Report includes the number of trades per security and the minimum, maximum, and average price per security. This makes the market’s published statistics useful for separating a quoted price, a trade count, and a nominal trading-value measure.
Government and corporate bond market indicators
On 7 May 2026, Greek government securities had the following quoted prices and yields in the supplied Greek government securities series:
| Maturity segment | Price | Yield |
|---|---|---|
| 3-year | 103.03 | 2.75% |
| 5-year | 89.22 | 3.06% |
| 7-year | 103.57 | 3.30% |
| 10-year | 97.38 | 3.69% |
| 15-year | 104.82 | 3.87% |
| 20-year | 101.31 | 4.08% |
| 30-year | 95.37 | 4.42% |
These are observations dated 7 May 2026, not 2024 averages or forecasts. Across the listed maturities, the quoted yield rises from 2.75% for the 3-year security to 4.42% for the 30-year security.
The Hellenic Corporate Bond Price Index launched on 30 September 2014 at 100.0000 and uses the euro as its currency. Its Reuters code is .HCBPI, its Bloomberg code is HCBPI, and its ISIN is GRI99153A009. The index currently has 0 constituents and was last adjusted on 23 March 2026.
On 1 April 2026, the Hellenic Corporate Bond Price Index closed at 92.53, with a year change of -1.50%. It closed at 92.42 on 31 March 2026, when its month change was -1.65%. These index observations concern the corporate-bond segment and should be kept separate from Greek government bond prices, yields, debt totals, and PDMA issuance figures.