Friday August 29, 2014 Search
Weather | Athens
31o C
24o 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)  
Foreclosures threat pushed back
Athens rental rates tumble
Transforming OPAP buys top-up firm
Stocks edge lower as companies report key H1 financial results
Exam results spell trouble for some universities
Almost 73,000 teenagers received the good news Thursday that they have gained places at university or technical colleges (TEIs) but it appears that new questions are to be raised about the v...
Police names suspects in 400,000-euro heist
The police on Thursday issued the names and photographs of three suspects it believes were involved in an armed bank robbery northwest of Athens last week that netted almost 400,000 euros in...
Inside News
SOCCER
Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
There was a triple success for Greek soccer on Thursday as PAOK, Panathinaikos and Asteras Tripolis made it through to the Europa League group stage. PAOK had a challenging task after a 1-0 ...
SOCCER
Olympiakos drawn against Spanish, Italian and Swedish champions in CL
Olympiakos will face the champions of Spain, Italy and Sweden in the group stages of Europe's top soccer tournament, the Champions League. Thursday's draw in Monaco was not particularly kind...
Inside Sports
COMMENTARY
The Lotus-Eaters
Turkey, a country branded by some as undemocratic and maladjusted by European standards, recently elected a new president – Recep Tayyip Erdogan – in a vote that was transparent and with a c...
EDITORIAL
A good start for culture
It took decades for a decision as obvious as keeping Greece’s most popular museums and archaeological sites open all day and all week to be reached and acted on, and now we are beginning to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
2. Foreclosures threat pushed back
3. Exam results spell trouble for some universities
4. Police names suspects in 400,000-euro heist
5. Athens rental rates tumble
6. Transforming OPAP buys top-up firm
more news
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. Hardouvelis, ECB executive discuss bank program, stress tests
3. Greece to relaunch tender for mutual horesebetting license
4. Venizelos invites Simitis and Papandreou to PASOK 40th anniversary event
5. EU's Frontex to take lead from Italy in Mediterranean immigration crisis
6. Bad debt provisions hit Greece's PPC first half net profit
Today
This Week
1. Brussels warns Greece over plans to allow construction near Korinos beach
2. Merkel cites euro’s ‘construction flaws’ as economy sputters
3. Attack on gay couple in Athens leaves one man needing surgery
4. Purification rituals
5. Second man held over double murder in Mani
6. The battle against progress
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.