We no longer support this browser. Using a supported browser will provide a better experience.

Please update your browser.

Close browser message

As a global leader, we deliver strategic advice and solutions, including capital raising, risk management, and trade finance services to corporations, institutions and governments.

Learn more about our solutions:

  

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

Learn more about our solutions:

  

We are a leader in investment management, dedicating to creating a strategic advantage for institutions by connecting clients with J.P. Morgan investment professionals globally.

Learn more about our solutions:

    

Our financial advisors create solutions addressing strategic investment approaches, professional portfolio management and a broad range of wealth management services.

Learn more about our solutions:

    

Leverages cutting-edge technologies and innovative tools to bring clients industry-leading analysis and investment advice.

Learn more:

    

The latest news and announcements.

Learn more:

    

For company information and brand assets for editorial use.

Learn more:

    

The latest news and announcements.

Learn more:

    

In a fast-moving and increasingly complex global economy, our success depends on how faithfully we adhere to our core principles: delivering exceptional client service; acting with integrity and responsibility; and supporting the growth of our employees.

Learn more:

    

J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023. We also lead volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.

Learn more:

    

With over 50,000 technologists across 21 Global Technology Centers, globally, we design, build and deploy technology that enable solutions that are transforming the financial services industry and beyond.

Learn more:

    

Technology Banner

For general inquiries regarding JPMorgan Chase & Co. or other lines of business, please call +1 212 270 6000.

Learn more:

      

For general inquiries regarding JPMorgan Chase & Co. or other lines of business, please call +1 212 270 6000.

Learn more:

      

Feb 27, 2019

NEWS & ANNOUNCEMENTS

Greece’s $2.9 Billion Turnaround Trade

Supported by J.P. Morgan, Greece re-enters the debt market after exiting emergency bailout programs and spiraling spending froze it out of the bond market.

February 16, 2019

Greece has turned to J.P. Morgan for its first foray into the debt markets since exiting its international bailout program.

The firm acted as bookrunner on the five-year bond, helping Greece to raise EUR 2.5 billion ($2.9B) in the sale.

The transaction came after spiraling spending pushed Greece into emergency bailout programs, enforced austerity measures, and froze it out of the bond market. It entered the loan program in 2010 in the wake of the financial crisis and exited in August last year.

"Trade for Normality"

There was strong demand for the sale with orders reaching EUR 10 billion, according to a government source cited by Reuters, enabling Greece to tighten pricing to 3.6% after initially opening order books with a price target of 3.75-3.875%.

"This was a trade for normality," said Stefan Weiler, Head of Debt Capital markets for Central and Eastern Europe, the Middle East and Africa. "The bond's success represents a turnaround for Greece, allowing it to move past the bailout and setting the country on the path towards financial independence."

J.P. Morgan brought Greece back to the international market in 2014, while it was still supported by the loan program.

"February's deal essentially refinances that transaction which matures in April and carries a coupon of 4.75%, reflecting the progress the country has made," added Weiler. The country had the option of accepting backing from the European Stability Mechanism for the issuance, but decided to test the market alone.

Towards Economic Independence

"It was very important for this deal to succeed," commented Stelios Papadopoulos, Head of Investment Banking for Greece and a leading architect in the country's bailout exit plans. "After refusing the EMS guarantee, the Republic had to show that it could stand on its own two feet."

In contrast to recent issuances under the bailout program where hedge funds predominated, February's sale pulled in more "real money" from institutional investors and pension funds.

The Greek economy has grown in recent years but is still 25% smaller than when the crisis began.

Greece is among several countries to tap the debt markets in the opening weeks of 2019. J.P. Morgan has supported Belgium, Italy, Austria and Spain with bond sales in recent weeks, raising more than $85 billion for sovereigns across EMEA so far this year.

"It is always the case that governments try to front-load their funding for budgetary purposes," said Weiler. "But the strength of the market has prompted a number of the sovereign borrowers to accelerate their plans."

That strength comes from the stability of the rates environment in the U.S. and Europe. "The Fed has highlighted that it intends to be patient and the market currently expects no interest rate hikes in the U.S. and in Europe. There's a lot of stability and investors like that predictability."



China's Big Decision

China is facing some critical choices that could shape its economic growth and affect global financial markets for years to come.

Learn more about Chinas Big Decision article

What's Next for Venezuela?

J.P. Morgan examines the implications of the latest developments in Venezuela, owner of the world’s largest oil reserves.

Explore about Venezuela

Global Market Outlook 2019

J.P. Morgan Research offers their key market and economy calls for 2019.

Read more about Global Research