19 July 2018

Greece is preparing a €30M debt swap

02 November 17 - RE+D Magazine
Greece is preparing a €30M debt swap



Investment - GREECE


Public entity - GREECE

Pepper Hellas

Consultant - GREECE

Eurobank Property Services

Consultant - GREECE


Dimitris Andritsos

CEO of Eurobank Property Services S.A Eurobank Property Services
Τhe Greek government is planning a 30-billion-euro debt swap programme, aimed at improving liquidity in the secondary bond market and to facilitate the country’s next move in international capital markets.


Bank officials expect this swap plan to be completed by mid-November, covering 20 different bonds.

These securities were issued after a restructuring of Greek debt in 2012 and have a maturity up to 2042. The swap exercise will be made with new bonds of five, 10, 15 and 20-year duration.

The interest rate of the bonds will be fixed and will be set so as to have zero impact on debt-holders and the Greek state.

This means that bondholders and the Greek state will not suffer any damages but at the same time will not gain anything.

Market officials said completion of the bond swap plan will contribute to restoring liquidity in the secondary bond market and strengthen a “yield curve”, contributing to the country's return to capital markets.

Greece tapped capital markets last July following an abstention of around three years, issuing five-year bonds worth 3.0 billion euros.


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