Wednesday September 3, 2014 Search
Weather | Athens
29o C
23o 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)  
Helexpo sell-off plan to be ready by mid-October
Maniatis talks energy with Washington’s man in Athens
Task force to examine cases of extreme taxation, customs issues
Hotels hike prices by 10 pct in H1 of 2014
Report points to suspicious clinic charges to EOPYY
A quarter of all the expenses submitted last year by private health clinics to EOPYY, the country’s largest healthcare provider, have been deemed suspicious and in need of further investigat...
New rector seeks to introduce ID checks at University of Athens
One day after his swearing-in ceremony was marred by protests against budget cuts and the expulsion of thousands of so-called eternal students, the new rector at the University of Athens, Th...
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 people’s favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Helexpo sell-off plan to be ready by mid-October
2. Maniatis talks energy with Washington’s man in Athens
3. Task force to examine cases of extreme taxation, customs issues
4. Hotels hike prices by 10 pct in H1 of 2014
5. Pension system nears breaking point
6. Report points to suspicious clinic charges to EOPYY
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. Greece needs private debt overhaul, Piraeus Bank CEO says
6. Moderating expectations
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Strong undersea quake occurs off island of Milos, felt in Athens
4. Hardouvelis, ECB executive discuss bank program, stress tests
5. Greek quest for debt relief faces hurdles in Paris
6. Prospect of Greek grand prix back on the agenda; huge investment needed
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.