Friday August 29, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece lines up banks for 2bn five-year bond, sources say

Greece is lining up a 2bn five-year bond sale to take place in April via lead banks Deutsche Bank, Bank of America Merrill Lynch, JP Morgan and Goldman Sachs, two sources with knowledge of the matter said on Thursday.

The Greek finance ministry has been meeting bankers over the past week for discussions on a groundbreaking return to the market two years after it restructured 130bn of sovereign debt.

"This is the most important deal Greece will do, said one banker.

The exact timing is still to be determined and it is possible that the final list of banks could change, both sources said.

Greek Finance Minister Yannis Stournaras told Reuters on Wednesday that Greece's first foray into bond markets after a four-year exclusion would be on a trial and error basis but the nation expects to fund itself unaided in 2016.

"The mood has changed dramatically recently. Simply look at what happened at Eurogroup - everybody thinks that Greece now is out of the woods, Stournaras said.

Greece's bond yields have fallen dramatically since the restructuring in February 2012. The 2% bond due February 2023 is now quoted at a cash price of 80.5-81.5, equating to a yield of 6.08%-5.90%. The bond traded as low as 14 in price terms for a yield of 31% in June 2012.

The Eurogroup of finance ministers met in Athens this week after the EU and IMF finally agreed a programme with Athens to allow bailout funds to keep flowing. Stournaras said Greece did not need additional financing beyond its current bailout for the next year, and hoped it would not need fresh aid for the year after that.

A series of Greek companies have issued debt recently. The country's largest bank, Piraeus, successfully sold 500m of three-year debt in March. Greek utility PPC plans to sell 300m, Reuters reported on Thursday.

Economic data has begun to show signs that a six-year recession is ending, and the government posted a budget surplus before interest payments last year, making it eligible for further debt relief from its partners. That may take the form of extending repayment terms on existing bailout loans and lowering interest rates, rather than injecting fresh funds.

[Reuters]

ekathimerini.com , Thursday April 3, 2014 (13:44)  
Foreclosures threat pushed back
Athens rental rates tumble
Transforming OPAP buys top-up firm
Stocks edge lower as companies report key H1 financial results
Exam results spell trouble for some universities
Almost 73,000 teenagers received the good news Thursday that they have gained places at university or technical colleges (TEIs) but it appears that new questions are to be raised about the v...
Police names suspects in 400,000-euro heist
The police on Thursday issued the names and photographs of three suspects it believes were involved in an armed bank robbery northwest of Athens last week that netted almost 400,000 euros in...
Inside News
SOCCER
Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
There was a triple success for Greek soccer on Thursday as PAOK, Panathinaikos and Asteras Tripolis made it through to the Europa League group stage. PAOK had a challenging task after a 1-0 ...
SOCCER
Olympiakos drawn against Spanish, Italian and Swedish champions in CL
Olympiakos will face the champions of Spain, Italy and Sweden in the group stages of Europe's top soccer tournament, the Champions League. Thursday's draw in Monaco was not particularly kind...
Inside Sports
COMMENTARY
The Lotus-Eaters
Turkey, a country branded by some as undemocratic and maladjusted by European standards, recently elected a new president Recep Tayyip Erdogan in a vote that was transparent and with a c...
EDITORIAL
A good start for culture
It took decades for a decision as obvious as keeping Greeces most popular museums and archaeological sites open all day and all week to be reached and acted on, and now we are beginning to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
2. Foreclosures threat pushed back
3. Exam results spell trouble for some universities
4. Police names suspects in 400,000-euro heist
5. Athens rental rates tumble
6. Transforming OPAP buys top-up firm
more news
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. Hardouvelis, ECB executive discuss bank program, stress tests
3. Greece to relaunch tender for mutual horesebetting license
4. Venizelos invites Simitis and Papandreou to PASOK 40th anniversary event
5. Bad debt provisions hit Greece's PPC first half net profit
6. EU's Frontex to take lead from Italy in Mediterranean immigration crisis
Today
This Week
1. Brussels warns Greece over plans to allow construction near Korinos beach
2. Merkel cites euros construction flaws as economy sputters
3. Attack on gay couple in Athens leaves one man needing surgery
4. Purification rituals
5. Second man held over double murder in Mani
6. The battle against progress
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.