Mytilineos goes for 500 mln euro bond on improved debt sentiment

Industrial group Mytilineos announced plans on Monday to issue a 500 million euro bond as the country's falling borrowing costs pave the way for more corporate debt to be issued.

With Greece's fiscal health getting better and the economy improving, government bonds have staged a powerful rally recently and the country now issues negative-yielding debt. This is helping boost appetite for corporate bonds from Greek companies looking to roll over debt at cheaper rates and fund expansion plans.

Mytilineos also has the benefit of being one of four Greek companies that are rated higher than the Greek state by credit agencies Standard and Poor's and Fitch. The other three companies are OTE Telecom, cement company Titan and Coca Cola Hellenic Bottling.

Mytilineos said that the bond will have a 2024 expiration date and will be traded in Luxembourg.

Present in 25 countries, Mytilineos deals in three business segments: metallurgy, energy and infrastructure projects.


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