The book of offers for the Greek 10-year bond that was issued last January, expiring on June 18, 2031, has opened.
It is worth noting that the initial interest rate was set at 90 basis points + mid swap (which moves at 10 bp), ie in the area of 1%.
The goal is to raise close to 2 billion euros, however the final amount will be determined by demand.
In the previous issue of January, the final interest rate (yield) was 0.807% (100 basis points plus mid swap) from the initial 110 bp. (plus mid swap), and the coupon at 0.75%.
In this reopening phase, the final interest rate is expected to be higher. Public Debt Management Agency (P.D.M.A.) chose to follow the path of re-opening, in order to achieve one of its main goals which is to improve liquidity in Greek securities
The issuers of the issue are the six international banks BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan and Nomura. Although there were suggestions from the Primary dealers for a new title. The 10-year bond has a size of 3.5 billion euros and thus is expected to increase to about 5.5 billion euros, satisfying investor demand. After all, it expires in June 2031, which means that it is 10 years old, something that Public Debt Management Agency (P.D.M.A.) had in mind in January when it issued the title for 10 and a half years.
The high cash resources (over 33 billion euros), the limited financing needs of the Greek State for 2021 and the purchases from the ECB program create favorable conditions for the continuation of the successful presence of the country in capital markets.
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