During most of the year, the yields on Greek corporate bonds moved broadly in line with the yields on bonds issued by European non-financial corporations, which have higher credit ratings. From the end of October, however, Greek corporate bond yield developments decoupled from those in European corporate bonds and followed the same sharp upward course as Greek government bond yields.
Developments in the Greek stock market were also negative in 2014, albeit not throughout the entire year. The prices of shares on the Athens Exchange dropped significantly, especially bank shares, although the results of the ECB’s recent Comprehensive Assessment reconfirmed that the systemic Greek banks were adequately capitalised.