By the end of the year, JP Morgan expects Greece to receive the investment grade from the other two houses, Standard & Poor’s and Fitch, with Greek bonds included in Bloomberg’s indices, as ot.gr had written on the 23 /9 (see here). Until then, however, JP Morgan recommends waiting and securing profits in Greek bonds, compared to Italian ones, as no further rally is expected until the new assessments.
JP Morgan recalls that in the last two weeks, Greece has been upgraded by DBRS (to IG) and Moody’s (two notches upgrade and one more notch below IG), with Greek bonds performing moderately against Italians over the same period. period.
Nevertheless, JP Morgan maintains a generally bullish medium-term outlook on Greek bonds and expects them to trade consistently higher than Italian bonds (with an average spread of 25-50 bp), given strong macroeconomic/fiscal fundamentals, stable political landscape and ongoing rating upgrades.
The Greece-Italy spread on 10-year bonds is around 35 bp is quite reasonable, with JP Morgan expecting the next leg of tightening to happen closer to the next rating review on October 20 (S&P). 
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
NBG Receives BBB Investment Grade by DBRS
This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis
Greek Gov. Budget: Primary Surplus 3bln in Q1 2024
Value Added Tax (VAT) revenues reached 5.876 billion euros, down by 16 million euros compared to the target
Athens’ Public Transport System Gets Green “Facelift”
The future of urban transport in Greece's capital city includes electrification, hydrogen, kinetic energy and even heighted security and monitoring through the use of drones
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally
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