Blue-chip companies opted to raise funds through corporate bonds, taking advantage of lower costs and improved access conditions on the Athens Stock Exchange (ASE).
In 2025, the corporate bond sector recorded four high-profile issuances by Aegean Airlines, GEK-TERNA, Lamda Development, and Aktor Group.
The four new bond issues raised a total of €1.4 billion, up from €330 million in 2024, with subscription offers reaching €3.4 billion—a 2.4x oversubscription—and tight yields.
Liquidity increased by 27%, with an average daily trading value of €1.6 million. The weighted average yield at year-end was 3.6%, slightly above the European corporate bond benchmark.
Alpha Bank notes in a recent report that Greek corporate bonds remain attractive. The bank highlights that their appeal is driven by strong corporate revenues, improved fundamentals, and robust investor demand.
For 2026, liquidity in the secondary market is expected to improve further, with Greek corporate debt present across the full yield curve.
Corporate bonds listed on the ASE, with maturities of up to seven years and indicative yields between 2.41% and 6.39%, are directly competitive with deposits, including term deposits. While the Greek stock market offers high returns and positive forecasts, investors seeking lower-risk alternatives to equities can consider bonds listed on the Exchange.
The average maturity of Greek corporate bonds listed on the ASE is 2.8 years, making them less sensitive to interest rate fluctuations. The average coupon stands at 3.4%, and the yield at call date is 3.6%. Bonds listed outside the ASE have an average maturity of 3.4 years, an average coupon of 4.2%, and a yield at final call of 3.6%.
Historical Growth of the ASE Corporate Bond Market
The domestic corporate bond market effectively began in 2016, raising just €44 million. Subsequent years saw significant growth: €623 million in 2017, €235 million in 2018, €532 million in 2019, €1.02 billion in 2020, €1.424 billion in 2021, €530 million in 2022, €600 million in 2023, €330 million in 2024, and €1.39 billion in 2025.
Advantages of Investing in Corporate Bonds
- Attractive Yields: With term deposit rates lower than in previous years, investors can diversify their savings by allocating part of their portfolio to corporate bonds offering higher returns.
- Regular Income: Investors seeking stable, predictable income can benefit from coupon payments and the return of principal at maturity.
- Diversification: Spreading investments across bonds from different companies and sectors reduces overall portfolio risk.
How Investors Can Acquire Corporate Bonds
Investors can purchase corporate bonds issued by companies either on the ASE’s Main Market or Alternative Market. Bonds can be acquired in the same simple manner as shares through the existing network of ASE members, provided the investor has an investor account (merida) in the Central Securities Depository (CSD).
For new investors, the process can be summarized in four steps:
- Collaborate with a brokerage or custodian of choice.
- Obtain a client code (OASIS code) from the broker/custodian to participate in bond issuances or trades on the ASE.
- Apply to the custodian to open an investor account and securities account in the CSD, containing identification information and the securities held.
- Place buy or sell orders through the custodian to trade bonds.