Greek Market Watch: GGB reopening, Moody’s on Greek Banks, National Bank, METLEN, AKTOR Group, Allwyn/OPAP

Market Comment

ATHEX headed marginally north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.02% to 2,345.71 units (FTSE Large Cap: -0.12%, FTSE Mid Cap: +0.38%, Banks Index: -1.39%) and the traded value was shaped at €322.9m, up from Tuesday’s €275.1m. We expect mixed trading in ATHEX today. 

Today’s Headlines

·         Greece taps additional €300m through the 2036 Bond

·         Moody’s flags credit negative impact from Katseli ruling

·         NBG advances toward deal with Allianz (press)

·         METLEN secures access to Energy Release 2.0 for Acciaieria Arvedi with 170 MW of solar capacity in Italy

·         AKTOR Group signs an MoU with SUEZ international in the water management services business

·         Allwyn launches €600m financing to fund OPAP exit payments

·         Allwyn outlook raised to stable by S&P 

Macro Headlines 

Greece taps additional €300m through the 2036 Bond

PDMA successfully raised yesterday €300m with the reopening of the on-the run 10-year bond with 3.375% coupon rate, at a final yield of 3.34%, with total amounts offered reaching €785m, at a coverage ratio of 2.62x. 

Sector Headlines 

Moody’s flags credit negative impact from Katseli ruling

Moody’s warns that the Supreme Court ruling on Katseli‑law loans is credit‑negative for Greek banks, if applied broadly, while warns of potential pressure on the HAPS securitizations. Given that banks’ balance sheets are protected under the Hercules state‑guarantee scheme, Eurostat, according to reports, has already begun raising questions with Greek authorities about whether state guarantees linked to HAPS should be incorporated into debt calculation. 

Company Headlines 

NBG advances toward deal with Allianz (press)

According to euro2day.gr, NBG is moving closer to finalizing a long‑term bancassurance partnership with Allianz, having initiated due diligence on the insurer’s Greek subsidiary to assess the conditions under which NBG would acquire a minority stake in Allianz as part of the proposed structure. While NN remains an available alternative, Allianz currently stands as the leading contender. 

METLEN secures access to Energy Release 2.0 for Acciaieria Arvedi with 170 MW of solar capacity in Italy

METLEN announced that it partners with Acciaieria Arvedi, one of Italy’s leading steel producers, to secure access to Italy’s innovative Energy Release 2.0 mechanism promoted by Gestore Servizi Energetici. The agreement will cover approximately 2.4 TWh of electricity supply for Acciaieria Arvedi, providing access to stable, and competitive electricity pricing – a critical factor for energy-intensive industries operating in today’s volatile European energy landscape. Within the framework of Energy Release 2.0, METLEN will commission approximately 170 MW of new solar capacity in Italy over the next three years. These projects will benefit from a fixed remuneration of €65/MWh guaranteed by GSE, through the so-called “Italian Model”. 

AKTOR Group signs an MoU with SUEZ international in the water management services business

AKTOR Group announced that it signed a MoU with SUEZ INTERNATIONAL for a strategic, fixed-term, exclusive cooperation in the field of water management services. 

Allwyn Launches €600m Financing to Fund OPAP Exit Payments

According to Euro2day, Allwyn International AG announced a €500m senior secured bond offering and a €100m add‑on to its existing €925m Term Loan B (2032). Proceeds will fund the: 

1.   €456m payout to OPAP shareholders who exercised exit rights

2.   cover related fees

3.   repay revolving credit facility borrowings

4.   support general corporate purposes

The proceeds will also replace the committed financing previously secured for an interim high‑security financing facility related to funding the OPAP exit-right payments. 

Allwyn Outlook Raised to Stable by S&P

On Feb. 11, 2026, S&P Global Ratings revised its outlook on OPAP S.A.’s parent company Allwyn International AG to stable from negative and affirmed its ratings at ‘BB’, ahead of an expected merger between the two companies. 

Calendar of Events

Macros

12/02/26 | CPI & Harmonized CPI JAN (ELSTAT), Evolution of Turnover of Enterprises 4Q25 & DEC (ELSTAT)

13/02/26 | Import Price Index in Industry DEC (ELSTAT)

20/02/26 | Current Account Balance DEC (BoG), Turnover Index in Industry DEC (ELSTAT)

Market

27/02/26 | MSCI rebalancing effective date (Aft-mkt)

4Q/FY25 Results Release

18/02/26 | Bank of Cyprus (Bef-mkt), Hellenic Exchanges (Aft-mkt)

26/02/26 | Eurobank (Aft-mkt), Piraeus Bank (Bef-mkt), OTE (Bef-mkt), HELLENiQ ENERGY (Aft-mkt), IDEAL Holdings (trading update) (Bef-mkt)

27/02/26 | Alpha Bank (08:00 GR time), National Bank (Bef-mkt), Premia Properties (Bef-mkt), Trastor REIC (Aft-mkt)

02/03/26 | OPAP (Aft-mkt)

03/03/26 | Optima bank (Bef-mkt)

04/03/26 | Cenergy Holdings, LAMDA Development (Aft-mkt)

05/03/26 | CrediaBank (Aft-mkt), Viohalco

11/03/26 | Sarantis (Aft-mkt)

18/03/26 | Autohellas (Bef-mkt)

19/03/26 | PPC (Aft-mkt), TITAN, Motodynamics (Aft-mkt)

23/03/26 | AUSTRIACARD (Aft-mkt)

24/03/26 | Athens International Airport (Aft-mkt)

30/03/26 | BriQ Properties (Aft-mkt)

31/03/26 | METLEN, Orilina Properties (Aft-mkt), Piraeus Port Authority (Aft-mkt)

07/04/26 | AS Company (Aft-mkt)

EGM / AGM

02/03/26 | Real Consulting (EGM)

20/03/26 | Trastor REIC (AGM)

15/04/26 | Athens International Airport (AGM)

21/04/26 | Piraeus Bank (AGM)

22/04/26 | Autohellas (AGM)

28/04/26 | BriQ Properties (AGM)

29/04/26 | Eurobank (AGM)

30/04/26 | National Bank (AGM)

05/05/26 | Optima bank (AGM)

15/05/26 | Bank of Cyprus (AGM)

21/05/26 | METLEN (AGM)</s