Greek 5-Υear Bond Issue Attracts More Than €20B in Bids

ATHENS –International capital markets are offering a new vote of confidence in the Greek economy with bids submitted during Wednesday's book-building process for a five-year syndicated bond issue exceeding 20 billion euros, sources said.

The same sources said that the initial guidance for the yield of the five-year bond was 0.28 pct, but fell to 0.20 pct, with the spread set at mid swaps+47 basis points.

Greece on Wednesday opened the book-building process for a new five-year syndicated bond issue. According to the initial guidance, the yield of the issue is mid swaps + 55 basis points in the zone of 0.28 pct, while the bond matures in February 2026.

The finance ministry on Tuesday announced it has mandated Barclays, BofA Securities, Commerzbank, Morgan Stanley and Societe Generale for the syndicated bond issue. It is the third time Greece is accessing international capital markets so far this year. In the previous two occasions, Greece drained six billion euros from the total of 10-12 billion euros it expected to raise in 2021. In March 17, Greece issued a 30-year bond with an interest rate of 2.75 pct, draining 2.5 billion euros. Bids submitted exceeded 26.1 billion euros. In January 27, Greece reopened a 10-year bond issue draining another 3.5 billion euros with an interest rate of 0.75 pct. Bids totaled 29 billion euros.

The finance ministry seeks to take advantage of a favorable climate that has prevailed in bond markets because of the support offered by the European Central Bank and to boost the country's cash reserves, currently at 30-35 billion euros, including the so-called cash buffer.

Conditions are more favorable after S&P's decision in April to upgrade the country's credit rating to BB with a positive outlook.


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