A Greek offer to swap 20 bonds with 5 new ones will have no impact on the country’s debt levels, a source close to the process said on Wednesday.
Greece has invited private bondholders – holders of debt issued in 2012 in a haircut scheme – to trade them in for 5 new benchmark ones. The cut off date for the offer, which is voluntary, is Nov. 28.
“The transaction is neutral, debt and fiscal wise,” a source close to the process told Reuters. “That was also one of the conditions of lenders.”
“The average maturity of the bonds remains the same, and the debt levels remain the same,” the source said. [Reuters]