Sunday October 26, 2014 Search
Weather | Athens
17o C
13o 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)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.