Wednesday October 1, 2014 Search
Weather | Athens
26o C
17o 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)  
NBG Pangaea eyes listing on foreign bourse, huge portfolio
Out-of-control unpaid bills bring PPC to its knees
Banks feel optimistic ahead of stress test results
S&P upgrades OTE’s credit rating and revises outlook
Would-be commissioner Avramopoulos sets out priorities on migration
Dimitris Avramopoulos, the EU commissioner-designate for migration and home affairs, on Tuesday sought to set out his priorities for a post regarded as more crucial than ever amid increasing...
Money ring sent 4.5 mln abroad
Two Afghan employees at a currency exchange bureau in central Athens and a Greek alleged to own the establishment were detained on Tuesday in connection to the alleged illegal transfer of mo...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakos’s first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Next-day jitters
It is usual for Greek governments, whether one-party or coalitions (which are normally loath to actually work together), to claim that their only real challenge is dealing with the country’s...
EDITORIAL
No sweet debt deals
The lion’s share of Greece’s debt is held by European Union member states and the International Monetary Fund. A writedown of the European part of the debt would require the approval of the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. NBG Pangaea eyes listing on foreign bourse, huge portfolio
2. Out-of-control unpaid bills bring PPC to its knees
3. Banks feel optimistic ahead of stress test results
4. S&P upgrades OTE’s credit rating and revises outlook
5. Athens tourism fuels hotel occupancy
6. Would-be commissioner Avramopoulos sets out priorities on migration
more news
Today
This Week
1. Next-day jitters
2. Roma camp off Mesogeion Avenue set for demolition amid reactions
3. No sweet debt deals
4. Greek unemployment dips to 27 pct in June, but still highest in EU
5. Commissioner-designate Avramopoulos to face three-hour interview on EU's migration portfolio
6. Roma camp evacuation postponed; flow resumes on Mesogeion Avenue
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.