Greece climbs in World Competitiveness Ranking – 25 year bonds reopening a success

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According to a report released on Tuesday by the International Institute for Management Development (IMD), Greece has climbed nine places in the World Competitiveness Ranking for the 2019-2023 period, moving from the 58th to the 49th position.

While this progress is noteworthy, Greece still remains relatively low on the list of 64 countries assessed.

The report highlights that Greece dropped two places in the 2023 ranking, experiencing setbacks in two out of four categories. Specifically, the country slipped seven places in the “Economic Performance” category (from 51st to 58th) and the “Business Efficiency” category (from 46th to 48th).

On a positive note, Greece improved in the other two categories, advancing two places in “Government Efficiency” (from 53rd to 55th) and achieving a higher position in “Infrastructure,” climbing to 40th from 41st last year.

Denmark has maintained its top position in the World Competitiveness Ranking for the second consecutive year, as revealed by the IMD report.

Ireland experienced a significant leap, moving up nine places to secure the second spot, while Switzerland dropped to third place.

Successful reopening of 25-year bond issue for Greece

In a positive development for Greece’s financial market, the country successfully completed an auction for the reopening of a 25-year bond on Wednesday.

The demand for the bond surpassed expectations, with bids exceeding 1.2 billion euros, six times higher than the targeted amount of 200 million euros.

The Public Debt Management Authority announced that the bond’s yield was set at 3.99 per cent an increase from the previous auction in May 2022, which had a yield of 3.56 per cent.

The bond, maturing on January 30, 2042, was originally issued in 2017 with a coupon rate of 4.2 per cent.

The reopening of the bond aimed to meet investment demand and facilitate operations in the secondary bond market.

The auction was limited to primary dealers, and the settlement date is scheduled for Wednesday, 28 June.

Source: ANA-MPA

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