15 July 2018

Greece returns to capital markets and gets 3,5% for a 7year issue

08 February 18 - RE+D Magazine
Greece returns to capital markets and gets 3,5% for a 7year issue


Pepper Hellas

Consultant - GREECE


Greece returned in international capital markets for borrowing by issuing a seven-year syndicated bond through book-building.


It is one of three state bond issues scheduled by the Greek government in the period leading up to the completion of the current bailout programme in August.

The aim of these issues is to restore a stable access of the country to capital markets, to facilitate the return to financing normality in the country after the completion of the programme and build a capital buffer.

Thursday's issue coincides with the completion of procedures of a third review of the adjustment programme as a EuroWorking Group meeting later in the day was expected to discuss the course of fulfilling the last remaining prior actions paving the way for a formal completion of the programme and approval of the disbursement of a loan tranche to Greece.

The Hellenic Republic mandated Barclays, BNP Paribas, Citi, J.P. Morgan and Nomura as joint lead managers for a new offer of a 7-year bond.

The yield

The yield of the seven-year bond sale launched by Greece on Thursday was set at 3.5 pct after the conclusion of the debt sale. Investors made bids amounting to 6.5 billion euros for the bond issue, greatly oversubscribing the finance ministry's target of 3.0 billion euros.



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