BUSINESS

Athens draws 1.5 bln from markets at record low rate

ELEFTHERIA KOURTALI

TAGS: Markets, Finance

The cost of borrowing for the Greek state is now at a historic low of 1.5 percent, as Tuesday’s reopening of last March’s 10-year bond issue is tangible evidence of the return of investor interest to Greece and the improved prospects of the Greek economy.

The Public Debt Management Agency enjoyed substantial demand from foreign portfolios and the state raised 1.5 billion euros while offers exceeded 5.4 billion euros in less than three hours. When it was first issued on March 12, the paper, which matures in March 2029, had an interest rate of 3.9 percent.

“The historically low yield constitutes one more vote of confidence in the country’s economy and its strong growth prospects,” stated Prime Minister Kyriakos Mitsotakis.

Finance Minister Christos Staikouras said the issue was “of exceptional quality” and “paves the way for the return to normality.”

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