Euronext Athens in 2026: developed-market status and a run of shipping listings
Greek equities became a developed market for FTSE Russell and STOXX on 21 Sep 2026, and three shipping companies listed in Athens between June and October. This week brings a GEK TERNA eurobond and the first bank results.
At a glance#
| Item | Latest | Date | Source |
|---|---|---|---|
| FTSE Russell classification | Developed (from Advanced Emerging) | Effective 21 Sep 2026 | FTSE Russell implementation FAQ (PDF) |
| STOXX classification | Developed; nine Greek companies entered the STOXX Europe 600 | Effective 21 Sep 2026 | STOXX, 1 Sep 2026 |
| MSCI classification | Emerging; move to Developed scheduled | May 2027 index review | MSCI, 31 Mar 2026 |
| Largest 2026 offering in this note | €300.0m (Capital Maritime Finance Corp.) | Priced 15 Oct 2026 | Offering results (PDF) |
Index reclassification#
FTSE Russell moved Greece from Advanced Emerging to Developed status in one step, with its September 2026 semi-annual review. The changes took effect from the open on Monday 21 September 2026. FTSE Russell's implementation document projects Greece's weight at 0.091% of the FTSE Developed All Cap index, based on prices at 21 August 2026.
STOXX made the same change on the same date. Nine Greek companies joined the STOXX Europe 600 and the EURO STOXX: National Bank of Greece, Eurobank, Piraeus Bank, Alpha Bank, GEK Terna, Jumbo, Motor Oil, PPC and Metlen. STOXX says Greek stocks become eligible for its DM World benchmark from June 2027.
MSCI announced on 31 March 2026 that it will move the MSCI Greece indexes to Developed Market status in one step at its May 2027 index review. Until then Greece stays in MSCI's emerging-market indexes.
Index-driven trading before the switch was heavy. A record €4.26bn of shares changed hands in Athens on the last session before the change, reported by Euro2day, via Euronews, 21 Sep 2026. The exchange has not confirmed the figure in a release we could find.
2026 listings covered here#
The table lists the Athens listings we have checked against exchange and issuer releases. It is not a complete list of 2026 admissions.
| Trading from | Company | Market | Type | Price and size (as disclosed) |
|---|---|---|---|---|
| 2 Jun 2026 | Safe Bulkers, Inc. (dry bulk) | Main Market | Parallel listing (primary listing NYSE) | Reference price €5.70; market cap about €580.4m on day one (Euronext) |
| 15 Sep 2026 | Star Bulk Carriers Corp. (dry bulk) | Main Market | Dual listing plus offering of 4.4m new shares | €24.50 per share; €107.8m raised; market cap €3.14bn (Euronext) |
| 9 Oct 2026 | Verallis S.A. (cost management) | EN.A. Growth | Admission of 4.15m existing shares | €0.95 per share; market cap €3.94m (Euronext) |
| 20 Oct 2026 | Capital Maritime Finance Corp. (containerships) | Main Market | IPO, 40m new shares | €7.50 per share; €300.0m raised; market cap €1.05bn at the offer price (Euronext) |
Capital Maritime Finance Corp. (CMFC). Euronext describes it as the first primary listing of a shipping company solely on Euronext Athens. Valid demand reached 144.7m shares (€1,085.6m), or more than 4.34 times the shares offered, from 13,917 investors. The company had aimed to raise about €250m and used an option to raise €300m. Cornerstone investors took 23.3% of the offering. Of the rest, 67.0% went to retail and 33% to qualified investors, according to the offering results.
Safe Bulkers later listed 12m new shares from a private placement in Athens, with trading from 14 September 2026 (company announcement, PDF).
Results calendar (nine months 2026)#
Banks#
| Bank | Date | Source |
|---|---|---|
| Eurobank | Thu 29 Oct 2026, after market close | Company announcement, 13 Oct 2026 (Greek), via Euro2day |
| Piraeus Bank | Fri 30 Oct 2026 | Financial calendar, 18 Sep 2026 |
| Alpha Bank | Fri 30 Oct 2026 | Euronext Athens notice |
| National Bank of Greece | Thu 5 Nov 2026 | Financial calendar, 8 Sep 2026 (PDF) |
| Bank of Cyprus Holdings | Thu 5 Nov 2026, before the Athens and Cyprus open | Announcement, 23 Oct 2026 (PDF) |
Other large-cap reporting dates#
| Company | Date | Source |
|---|---|---|
| Athens International Airport | Tue 27 Oct 2026, Q3 trading update after the close (not yet published when this note was updated on the morning of 27 Oct) | Financial calendar 2026 (PDF) |
| LAMDA Development | Wed 4 Nov 2026, after the close; call on 5 Nov | Company announcement, 7 Oct 2026 (Greek) |
| Metlen Energy & Metals | Thu 5 Nov 2026, Q3 key figures | Financial calendar (Greek) |
| Titan SA | Thu 5 Nov 2026, Q3 and nine-month results | Financial calendar 2026 (PDF, Greek) |
Week of 26 October 2026: corporate items#
- GEK TERNA €500m notes. On 26 October GEK TERNA priced €500m of senior unsecured notes due 2033 at a 4.750% coupon and 99.575%, with orders above €2.3bn; settlement is scheduled for 2 November and the notes are to be listed in Luxembourg (announcement, PDF). See the GEK TERNA bond note.
- LAMDA Development leadership (confirmed). The company announced on 26 October that Odisseas Athanasiou will step down as chief executive on 31 December 2026 after 18 years, and that Evie Kostakis, most recently Group CFO of Julius Baer, becomes CEO on 1 January 2027. Athanasiou is to become an adviser to Consolidated Lamda Holdings. The company puts its total assets at about €5bn and its net asset value at about €1.5bn, and the incoming CEO says The Ellinikon is moving from construction to delivery, with the first residents expected over the next two years (LAMDA announcement, PDF). This confirms the change first reported by Euro2day on 23 Oct 2026.
- NBG call. National Bank of Greece exercised its call on its €500m MREL notes due 22 November 2027 (XS2558592932); the outstanding €284,835,000 will be redeemed at par (announcement, PDF).
- Evropi Holdings leaves the market. Its shares traded for the last time on 26 October and are removed from the FTSE/ATHEX indices from the 27 October session, as the merger into CrediaBank completes (Euronext Athens notice, 23 Oct 2026, PDF). Completion is expected on or around 30 October, with the new CrediaBank shares trading from about 2 November. The CrediaBank EGM of 23 October approved the merger unanimously; after it, CrediaBank's share capital is to be €132,473,401.74, divided into 2,207,890,029 shares of €0.06 (EGM resolutions, PDF). At the meeting, the chief executive said completion of the HSBC Bank Malta purchase is targeted for Q2 2027, with ECB approval expected before the end of 2026 (reported by Naftemporiki, 26 Oct 2026). The €200m cash deal for 70.03% of HSBC Bank Malta was signed in December 2025 (CrediaBank announcement, PDF).
Market close, Monday 26 October 2026#
The Athex Composite rose 1.56% to 2,569.82 on 26 October, and total market capitalisation was €189.95bn, according to the Euronext Athens daily official list (PDF). Turnover was €258.1m, including €23.6m of block trades.
Bank distributions: prior approval to end (reported)#
The ECB's Single Supervisory Mechanism (SSM) will drop the requirement for Greek banks to obtain prior approval before paying distributions, from 1 January 2027. Under the new framework, banks would only notify the supervisor of their distribution policy, starting with distributions out of 2026 profits paid in 2027. Reported by Insider.gr, 21 Oct 2026, citing a letter the banks received during the annual supervisory review. We have not seen a public ECB or bank statement on it. The payout ratios in the article are analyst estimates and are not repeated here.
Market close, week ending 23 October 2026#
The Athex Composite closed at 2,530.46 on Friday 23 October, down 2.22% on the day, and total market capitalisation was €187.84bn, according to the Euronext Athens daily official list (PDF). Turnover was €730.3m, including a block of 59.5m Eurobank shares worth €246.96m; the parties are in the deals tracker. The CrediaBank–Evropi merger was approved by both general meetings on 23 October: Evropi shares last trade on 26 October and new CrediaBank shares are expected to start trading on or around 2 November (timetable, PDF).
After the close, S&P Global Ratings affirmed Greece at BBB/A-2 with a stable outlook (S&P note). Fitch's review is due on 6 November; the full sovereign rating calendar is in the forecasts tracker, and corporate credit ratings and attributed analyst target prices for the 22 largest Athens-listed companies are in Euronext Athens large caps: credit ratings and target prices.
What this note does not do#
It reports classifications, prices and amounts as the exchange, the index providers and the issuers published them. It does not comment on valuations, expected flows or share-price moves. Transactions that also change ownership are logged in the deals tracker.
Sources#
- FTSE Russell, implementation FAQ, reclassification of Greece effective September 2026; STOXX, 1 Sep 2026; MSCI, 31 Mar 2026.
- Euronext press releases for Safe Bulkers (2 Jun 2026), Star Bulk (16 Sep 2026), Verallis (12 Oct 2026) and Capital Maritime Finance Corp. (20 Oct 2026); CMFC offering results, 19 Oct 2026.
- Issuer financial calendars of Eurobank, Piraeus Bank, Alpha Bank and National Bank of Greece.