Thursday Jan 29, 2015 Search
Weather | Athens
14o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece to issue three-year bond by July 10

 Finance Ministry to tap market once it has secured disbursement of 1 billion euros from Eurogroup

By Sotiris Nikas

Greece is very close to a new bond issue, as sources say the government is examining a plan providing for the immediate auction of three-year debt to make the most of the very favorable conditions in the market at the moment thanks to the low interest rates and the positive climate among investors regarding the course of the Greek economy.

The Finance Ministry’s first objective is to convince Monday’s Eurogroup to approve the disbursement of the 1-billion-euro sub-tranche as a result of Greece’s full implementation of the six required prior actions. If that happens, then it is certain the ministry will immediately move ahead with the bond issue. Some sources are even saying that if everything goes according to plan, the issue will take place by July 10.

That date has not been plucked out of thin air, as on July 9 the representatives of the country’s creditors are scheduled to start their inspection. This may not be considered one of the toughest Greece has undergone and it is set to be quickly wrapped up by July 17, but there is always the risk of negative news arising during the inspection that could create problems with the new issue.

The state will attempt to draw between 2.5 and 3 billion euros, which would provide a cash reserve cushion ahead of August’s hefty obligations that amount to 6.7 billion euros. Market professionals who are closely following developments say that the responsible officials at the ministry have been in close contact over the last couple of days with the international firms that will run the issue.

According to sources there will be six book runners, with the main candidates being Bank of America-Merrill Lynch, Deutsche Bank, Goldman Sachs, Citi, JPMorgan, Morgan Stanley, Nomura, HSBC, UBS and BNP Paribas.

Taking into account the low interest rates in the market today, analysts say Greece could secure a rate around 3 percent or even less for a three-year bond issue. After all the yield of the five-year debt issued in April is currently at its lowest point (4.11 percent), from 4.95 percent upon sale.

ekathimerini.com , Wednesday Jul 2, 2014 (23:09)  
France says no waiver for Greece, maybe more time to pay debts
Greek banks rebound as gov´t cites inexperience for remarks
Greek bond drop sends yield to 16-month high on debt wrangling
Varoufakis to meet Italian counterpart in Rome next week
Tsipras meets with European Parliament chief Schulz in Athens
Greek Prime Minister Alexis Tsipras welcomed the President of the European Parliament, Martin Schulz, at the Maximos Mansion on Thursday afternoon. According to sources, the top German EU of...
Foreign Ministry slams report on Kotzias ties with Russian ultra-nationalist
The Greek Foreign Ministry on Thursday issued a statement in response to a story published in the Financial Times describing alleged ties between newly appointed Foreign Minister Nikos Kotzi...
Inside News
SOCCER
PAOK strikes deal with Portugal´s Ricardo Costa
PAOK announced on Tuesday its agreement with Portuguese international defender Ricardo Costa. The Thessaloniki club added that the player is expected on Wednesday to undergo a medical test a...
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
Inside Sports
COMMENTARY
New Democracy’s challenges
There is a good deal of unease in New Democracy, and not just because of the defeat it suffered in Sunday’s polls. That had been expected, despite the optimistic and combatant messages from ...
EDITORIAL
Keep politics out of school
A few years ago the Greek Parliament ratified a law for a complete overhaul of the tertiary education system with a solid majority of 255 votes from 300 MPs. Since then, with the exception o...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. France says no waiver for Greece, maybe more time to pay debts
2. Tsipras meets with European Parliament chief Schulz in Athens
3. Foreign Ministry slams report on Kotzias ties with Russian ultra-nationalist
4. Funerals for F-16 pilots held in Athens
5. Greek banks rebound as gov´t cites inexperience for remarks
6. No problems with pensions, says Stratoulis
more news
Today
This Week
1. Greece wants a debt break, but what about its poorer neighbors?
2. $11 billion wiped from Greek banks on nationalization threat
3. Investors turn on Tsipras’s campaign to end austerity in Greece
4. Varoufakis says Russia row not about sanctions, but proper consultation
5. Schulz warns Tsipras against straying from stance against Russia, ahead of Athens meeting
6. ECB' Coeure tells Greece: stick to 'rules of game'
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Greek Elections 2015: The day after | LIVE
6. Poll shows SYRIZA leading ND by 4 pct
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.