Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o 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 Ministrys first objective is to convince Mondays Eurogroup to approve the disbursement of the 1-billion-euro sub-tranche as a result of Greeces 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 countrys 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 Augusts 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)  
Deadline looms for struggling Cyprus Airways
Bank of Cyprus expects to relist on Nicosia, Athens exchanges
Bank concerns lead to fresh losses on bourse
Greece needs private debt overhaul, Piraeus Bank CEO says
Navys Prometheus brings doctors to remote Aegean islands
Naval support ship Prometheus will be touring the Dodecannese in the eastern Aegean from September 3-11 in order to provide residents of remote islands with primary healthcare, the Hellenic ...
Police seeks identity of woman injured in Thessaloniki hit-and-run
Police on Tuesday appealed to the public for help in identifying a woman who was hit by a motorcycle and left suffering serious injuries in Thessaloniki in August. The accident occurred on t...
Inside News
Grateful Saviola thanks Olympiakos, joins Verona
Former Argentina international Javier Saviola has thanked Greek champions Olympiakos for the "beautiful moments" during his season-long stint in Greece as he left the club to join Serie A ou...
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the peoples favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Deadline looms for struggling Cyprus Airways
2. Bank of Cyprus expects to relist on Nicosia, Athens exchanges
3. Bank concerns lead to fresh losses on bourse
4. Navys Prometheus brings doctors to remote Aegean islands
5. Grateful Saviola thanks Olympiakos, joins Verona
6. Police seeks identity of woman injured in Thessaloniki hit-and-run
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Moderating expectations
6. Trial over 2013 murder of pawn merchant starts in Athens
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.