In an encouraging sign for the Greek economy, the Hellenic Telecommunications Organisation (OTE) raised € 400 million in a four-year bond issue. The coupon was 2.375%, which is the lowest achieved by OTE in the last 10 years.
The issue was oversubscribed by 5 times, indicating strong investor interest.
From the beginning of 2018, OTE Group has reduced its debt by € 500 mln, From € 4.3 bln in 2010, today its net debt is € 700 mln, a reduction of 83%.
Deutsche Telecom owns 45% of OTE’s shares.
The bond was issued by Deutsche Bank and Morgan Stanley as Lead Managers / Joint Bookrunners, with Alpha Bank, the National Bank of Greece, Eurobank Ergasias and Pireaus Bank acting as co-managers.
For further information on the Greek economy and on investing in Greece, please contact us.
Sources:
OTE Website, 12 July 2018
Kathimerini English Edition, 12 July 2018
Photo courtesy of OTE Group