The ‘thirst’ of international investor For Greek assets (assets) increased sharply after the recovery of the investment grade, which is also reflected in the significant boost of demand for Greek securities by international investors, which has led to an increase in investment positions in Greek shares by $ 11 billion and by $ 5.5 billion in Greek bonds over the last two years, according to data from the Bank of Greece (BoG).
Also noteworthy are the net inputs of € 5 billion of international investors (of which 2.9 billion in shares and 2.1 billion in bonds), which were recorded before the official upgrading of the Greek economy and specifically from the fourth quarter of 2022 to 2022 to 2022.
An indication of the demand is the fact that only in 2024 there were Large bids for Greek assets, approaching 120 billion euros.
At the same time, as market players observe, a new generation of more “quality” and long -term investors are created for Greek assets after the recovery of the investment grade. The Investment Grade title allows a much larger common investors to invest in Greece’s assets.
Bonds
Credit evaluations play a particularly important role in shaping positions by major international investors. Thus, the demand for Greek government bonds on the part of international investors has already been reinforced after the prospect of upgrading the Greek economy in the investment category has already been revealed, resulting in a large increase in investment positions in Greek government bonds.
In particular, based on the International Investment Position, from the first quarter of 2023, ie shortly before the first upgrading to the investment category, until the fourth quarter of 2024, international investors in Greek government bonds have increased by 5.5 billion euros, according to the BoG, according to the BoG, according to
Upgrades, as they increase the demand of Greek securities, have a reduction effect on the yields of Greek government bonds, by reducing the component of Greek bonds’ credit risk.
This is evident from the fact that the differences of Greek bond yields over other state -owned eurozone bonds have been limited and are at levels comparable to those before the debt crisis.
Specifically, the spread difference of the Greek 10 -year bond compared to the corresponding German title was 73 AB. on 5.6.2025, about 125 pm. Lower than its average level in the first quarter of 2023, ie before forming expectations for imminent upgrading to the investment category. Also, yields of Greek government bonds continue to be reduced against other eurozone bonds with comparable credit rating, such as Italian government bonds.
The liquidity in the secondary market of ED bonds is increased for 2025, compared to the corresponding period of 2024. Specifically, in the first five months of 2025 the average daily transaction value in the electronic secondary securities market (HDAT) stood at EUR 187.3 million.
Finally, in the system of intangible securities (SAT), through which both domestic and international transactions in ED bonds are settled, the average daily value value in the first five months of 2025 stood at 756 million, while the corresponding period of 2024 was 55 million.
Stock exchange
The significant boost of the demand for Greek securities by international investors has led to an increase in investment positions in Greek stocks by 11 -in -two. EUR from the first quarter of 2023, according to data from the International Investment Location, facilitating, inter alia, the funding of Greek companies through the stock market.
Thus, since the beginning of 2025 three imports and three deletions were recorded in the main market of the Athens Stock Exchange, while a higher amount of share capital increases were made by listed non -financial companies. Including new imports, the total amount of funds raised from January-May 2025 was EUR 531.4 million, compared to EUR 240.8 million in the corresponding period of 2024.
The Traffic Activity on the Athens Stock Exchange (average daily volume of transactions) amounted to EUR 196 million since the beginning of 2025, up 35% compared to the corresponding period of 2024.
The brokerage market since April 2023, which according to the BoG essentially began the countdown to recovery of the investment level, is gaining over 70%.
According to brokerage analysts, the discount of the investment grade began in the lows of September – October 2022, giving more than 130% to the basic stock market.