Wednesday Jan 28, 2015 Search
Weather | Athens
14o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek bond sale demand driven by ‘real money,’ ministry says

Marcus Bensasson & Paul Tugwell

Demand for Greece’s first bond sale in four years was driven by “real money investors,” according to the country’s finance ministry.

Almost half of the 3 billion euros ($4.2 billion) of five- year bonds issued on Thursday went to investors from the U.K., 7 percent stayed in Greece and about another third was snapped up by investors from the rest of Europe, according to a statement late Thursday from the Athens-based ministry. Hedge funds bought a third of the bonds and asset managers accounted for 49 percent of the investor base, according to the statement.

“It’s becoming increasingly clear that the probability of default for Greek foreign-law government bonds is low and declining,” Themistoklis Fiotakis, a London-based analyst at Goldman Sachs Group Inc., said in a note on Thursday. “The Greek government has regained credibility by showing willingness to adopt reforms, which, although unpopular, have helped the country’s recovery prospects.”

Greece, which has been bailed out twice, went through the world’s biggest sovereign-debt restructuring and came close to exiting the euro, had been shut out of bond markets since March 2010 while kept afloat with aid totaling 240 billion euros from the euro area and the International Monetary Fund.

Those funds necessitated the regular presence in Athens of officials from the so-called troika of the European Commission, the European Central Bank and the IMF, which became associated with austerity measures that triggered a political and social backlash.

Prime Minister Antonis Samaras said Thursday that the sale “exceeded all expectations,” as the country targeted raising 2.5 billion euros and received more than 20 billion euros in orders.

The yield on Greek 10-year bonds climbed 20 basis points, or 0.2 percentage point, to 6.15 percent at 12:29 p.m. Athens time. The rate touched 5.80 percent on April 10, the lowest since February 2010.

German Chancellor Angela Merkel travels to Athens on Friday for talks with Samaras and the two leaders are scheduled to hold a press conference at 6:30 p.m. local time. They are also set to sign an accord in which each government will commit 100 million euros to a planned Greek business-development bank, the Handelsblatt newspaper said Friday, citing government officials it didn’t identify.

The debt agency, which has continued to issue treasury bills throughout the debt crisis, will sell 1.25 billion euros of 13-week notes on April 15, it said in a statement on Friday.

[Bloomberg]

ekathimerini.com , Friday April 11, 2014 (14:26)  
European stocks decline for a second day as Greece leads losses
Greek bonds and stocks slump for third day
Nobel prize-winning economist says it’s time to buy Greek stocks
Greece to freeze plans to privatize power utility PPC, new Energy Minister says
New FinMin slams bailout deals as ´toxic mistake,´ sees chance to ´reboot Europe´
New Finance Minister Yanis Varoufakis has said that the newly-installed government will seek to forge an agreement that will bridge previous programs with a new deal between Greece and its f...
Greek PM Tsipras pushes on with radical change, markets tumble [Update]
Prime Minister Alexis Tsipras promised "radical" change on Wednesday as his new government swiftly moved to roll back key parts of Greece's international bailout, prompting a third day of lo...
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
Greece puts mind over money
Whenever a public intellectual runs for or is appointed to high public office, people who think and/or write for a living tend to get very excited. At some point after that, they usually get...
COMMENTARY
EU must accept that Greek debt relief is inevitable
A prediction for you: Greece and the European Union will split the difference in their quarrel over debt relief. What's uncertain is how their respective governments will justify the new dea...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. New FinMin slams bailout deals as ´toxic mistake,´ sees chance to ´reboot Europe´
2. Greek PM Tsipras pushes on with radical change, markets tumble [Update]
3. European stocks decline for a second day as Greece leads losses
4. New PM lays out key priorities in first cabinet meeting
5. Greek bonds and stocks slump for third day
6. Greece´s looming clash in Europe starts with sanctions on Russia
more news
Today
This Week
1. Athens may veto further EU sanctions against Russia
2. EU must accept that Greek debt relief is inevitable
3. EU toughens stance after Tsipras names cabinet
4. A turn toward responsibility
5. Nobel prize-winning economist says it’s time to buy Greek stocks
6. Greece's looming clash in Europe starts with sanctions on Russia
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. Unsupervised voting
6. QE exclusion a ‘de facto Grexit’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.