(Bloomberg) -- Greece is drawing up plans to sell as much as €10 billion ($10.9 billion) in bonds next year after winning back its investment grade status, according to a person familiar with the matter.

Athens is considering to issue €8 billion to €10 billion in new bonds to cover financing needs of €3 billion for 2024, said the person, who asked not to be identified because the plan isn’t public yet. The sales will reduce Greece’s reliance on treasury bills by around €2 billion, the person said.

The government is also considering the early repayment of bailout loans, the person said. Bloomberg has reached out to the finance ministry for comment.

Fitch Ratings and S&P Global Ratings’ upgrade of Greece debt late this year have opened the door to a multitrillion-dollar investment pool for the nation’s bonds, signaling a return to normality after a decade-long debt crisis. With its economy growing at a faster pace than most European peers, Prime Minister Kyriakos Mitsotakis have pledged that the country will remain committed to a path of fiscal discipline.

In further plans, the government wants to reduce the cash buffer that was created during the crisis to reassure markets that the country had enough money for debt if it couldn’t find funding from markets, the person said. This buffer will be around €30 billion at the start of 2024 and drop during course the year, the person said.

The nation’s 10-year bonds have been outperforming Italian debt since May while the yield spread against the Spanish equivalent stands below 20 basis points, a clear signal that investors are considering Greece as a non-crisis country. 

Bloomberg Index Services said earlier this month it will re-admit Greece to its top-tier global debt benchmarks’ return universes as of Feb. 1. Citigroup strategists estimate the nation’s bonds will form 1.1% of the Bloomberg’s Euro Treasury index after its inclusion.

Bloomberg LP is the parent company of Bloomberg Index Services.

The government is planning a reduction in net debt in 2024 as well, the person familiar said. Greece previously announced it will cut debt as a ratio of gross domestic product to 152.3% in 2024 from 160.3% this year, and highs of 207% in 2020. 

(Corrects date of inclusion of Greece’s bonds in Bloomberg indexes in paragraph seven of story originally published on Dec. 18.)

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