Wednesday November 26, 2014 Search
Weather | Athens
12o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bonds went to ‘real money investors’

 Breakdown of buyers shows nearly half of them are investment fund managers as interest proved diverse

By Sotiris Nikas

Nearly half of the 3 billion euros raised by Greece through the sale of five-year bonds on Thursday were purchased by investors from the United Kingdom. Besides the success of the issue, the Finance Ministry is also satisfied by the fact that those who bought the new bonds are mostly long-term investors and did so without using leveraged capital.

According to a ministry announcement on Friday, “investor interest was intense, broad-based and diverse,” while “demand came from investors without leveraging and with a long-term investment outlook – i.e. real money investors.”

The breakdown by the ministry suggested that 1.47 billion, or 49 percent, went to investment fund managers, 990 million euros or 33 percent to hedge funds, 420 million euros or 14 percent to banks, and 120 million euros or 4 percent to social security funds and insurance companies.

The geographical distribution of the 3 billion euros was as follows: 1.41 billion euros (47 percent) to investors based in the United Kingdom, 210 million euros (7 percent) to Greek investors, 930 million (31 percent) to investors from the rest of Europe and 450 million (15 percent) to investors from the rest of the world, mostly from the US.

Besides the banks that assisted in the bond issue – Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley – part of the new Greek bonds went to several other firms and investors which, according to market sources, included BlackRock – one of the world’s biggest fund managers that administers over $4 trillion – UBS, Oppenheimer, Fidelity and Societe Generale. Demand was so intense that 600 offers were attracted.

The ministry added in its statement that the new bonds have proven “Greece has now gained access to the international bond markets,” and that the issue “is setting a new mean point for the five-year period in the yield curve of Greek bonds that complements the current yield curve, while improving liquidity and making Greece’s access to investment funds with a long-term investment outlook easier [i.e. not hedge funds].”

ekathimerini.com , Friday April 11, 2014 (21:37)  
Debtors snap up offer for easier settlements
Belgium gas firm said to be eyeing DESFA
OLP approval paves way for investment in Piraeus
Airport tender exceeds expectations
Hundreds of migrants on crippled ship off Crete
Ships from Greece rushed to help after a crippled freighter crammed with hundreds of migrants floundered for hours Tuesday in gale-force winds and high waves in the Mediterranean Sea, offici...
Policemen suspected of working at Piraeus bar where shooting took place
At least three serving policemen are thought to have been working at the bar in Mikrolimano, Piraeus, where a 31-year-old man opened fire with an AK-47 early on Saturday, resulting in 15 peo...
Inside News
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The country’s citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Give Greece a chance
3. Biden heads to Istanbul amid tension over Cyprus EEZ violation
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.