Greece's GEK Terna sets up EMTN bond platform, eyes financing visibility to 2032
What's the deal? GEK TernaDealroom has a profile for this one. Try Dealroom → has become the first Greek non-bank company to set up a Euro Medium Term Notes (EMTN) programme, giving the infrastructure and concessions group financing visibility through at least 2032. The platform lets it tap international debt markets through repeated bond issues without restarting the full legal process each time.
Why now? The company says the move follows its investment-grade ratings from S&P Global RatingsDealroom has a profile for this one. Try Dealroom → and Moody's, secured last May. GEK Terna was the first Greek non-financial group to earn investment grade from both agencies after the country's debt crisis, rated Baa3/Stable by Moody's and BBB-/Stable by S&P.
Why it matters: An EMTN programme works as an umbrella (shelf facility) for successive bond issues. Bankers cite two main benefits: speed, since ready legal documentation lets issuers raise money within hours or days when market conditions are favourable, and lower costs, by removing repeated legal, underwriting, and prospectus expenses for each issue.
What's the endgame? The programme itself is expected to be rated investment grade. Group sources describe it as the organised entry of an investment-grade issuer into international debt markets — a platform to support systematic market presence rather than one-off issuance.
The bigger picture: The setup comes as GEK Terna expands beyond long-term infrastructure and concessions into defence and high technology, partnering with Shield AI, RheinmetallDealroom has a profile for this one. Try Dealroom →, and Airbus on defence systems. Its contract backlog exceeds €9 billion, with concessions accounting for 63% of EBITDA.
The signal: A Greek corporate building a standing debt platform marks how far the country's issuers have travelled since the crisis. For GEK Terna, it is a message of credibility and long-term strategic direction to the international investor community.
Read more: powergame.gr
Image credit: NRCgov
