Société Générale considers it unlikely that Greece will regain investment grade before the fourth quarter of 2022. It is reopening the trade of Greek bonds against Italian bonds in order to be prepared even for a possible surprise from S&P next Friday on the 21 of April, if it is the first ratings agency to put Greece in the investment grade category. The agency considers that the most likely scenario, due to the elections, is for this upgrade to come at the end of 2023 and the beginning of 2024, however... it keeps the possibility open. In fact, as he emphasizes, if the surprise does not happen, the trade will be closed again.

Greece is on the path of seeking ratings from agencies with the start of January, while in the same month it is expected to pass the "test" of the markets, considering the possibility of new borrowing. The timing of a new exit to the markets depends on conditions in the international bond market. It also links to the messages that Fitch will send. On January 27, the rating agency has an appointment with the Greek economy and will publish its verdict on the Greek debt.

Greece on Tuesday raised 3.0 billion euros from capital markets through a successful completion of a 10-year bond issue which attracted significant interest.