Saturday Jul 26, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Five-year bonds likely to be issued as early as next week

 Moody’s is expected to upgrade Greece’s credit rating on Friday

By Sotiris Nikas

Athens is set to officially announce its return to the money markets with the issuance of a five-year bond for an estimated 2-3 billion euros. Sources also suggest that the announcement could come after a likely credit rating upgrade by Moody’s over the course of Friday.

Though there has been no confirmation from government officials, market professionals familiar with the issue have told Kathimerini that the pre-marketing process will likely take place on Monday with book building starting the following day in a bid to make the most of optimistic sentiment regarding Greece after the successful conclusion of talks with the country’s creditors and the vote of confidence by the Eurogroup and Ecofin council meetings earlier this week.

Should the issuance go ahead, it will be the first time Greece has tapped the financial markets since 2010, when it entered the bailout process. The yield of the benchmark 10-year Greek bond fell to a four-year low on Thursday at 6 percent, which, according to the Financial Times, paves the way for a successful return to market borrowing.

Reuters reported on Thursday that the banks to spearhead Greece’s efforts to return to normal borrowing will be Deutsche Bank, Bank of America Merrill Lynch, JP Morgan and Goldman Sachs, although this may change. “This is the most important deal Greece will do,” the same report quoted an unnamed banker as saying.

Moody’s is expected to issue its scheduled review of Greece’s credit rating, which is almost certain to signal an upgrade, after keeping it at C – i.e. junk status – since March 2012, though Standard & Poor’s and Fitch have made upgrades since.

Moody’s said in a report on Thursday that the ratification of a multi-bill of reform measures on Sunday constituted a “credit positive” for the country. It did, however, warn of political risk following the further shrinking of the government majority.

ekathimerini.com , Thursday April 3, 2014 (23:36)  
SME minibonds to bypass bank lending
Fitch upgrades Greek banks’ bond programs
Tanzania´s central banks takes over FBME
Trade deficit grows 9.5 pct in Jan-May
Government to push troika for concessions as pressure to meet pledges intensifies
Talks between the coalition leaders last week led to them finalizing the requests that Athens will make regarding the easing of adjustment measures when the troika returns to Greece but Euro...
New Democracy firing staff as it slashes its expenses
New Democracy has begun firing staff from its party headquarters on Syngrou Avenue in Athens as it tries to rein in its spending. Kathimerini understands that 10 members of staff lost their ...
Inside News
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
SOCCER
Olympiakos downs AC Milan 3-0 in friendly
Greek champion Olympiakos defeated Italy's AC Milan 3-0 late on Thursday in a friendly match that launched the International Champions Cup in Canada and the US. The result, with goals from A...
Inside Sports
COMMENTARY
Concrete measures
The government’s decision to submit draft legislation on key environmental issues during the Parliament’s summer session has raised a fair amount of controversy. Most prominent are the bills...
EDITORIAL
Education needs skills
The Education Ministry has been somewhat unfortunate over the past two years. Other than the myriad problems they have already faced, the politicians who have been appointed to run it contin...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Government to push troika for concessions as pressure to meet pledges intensifies
2. New Democracy firing staff as it slashes its expenses
3. Deadline for Commission successor is looming
4. Cypriot president to meet Greek PM during Athens visit
5. Two killed as single-engine plane comes down outside Sparta
6. Cretan priest missing since early July found dead in ravine
more news
Today
This Week
1. Concrete measures
2. Fitch upgrades Greek banks’ bond programs
3. Tanzania's central banks takes over FBME
4. New Democracy firing staff as it slashes its expenses
5. Education needs skills
6. SME minibonds to bypass bank lending
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Unequal after death
5. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
6. Quadriplegic woman on life support 'dies due to unpaid power bills'
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.