Greece targets US investors with $3 bln of diaspora bonds (Update)

The Greek government plans to sell about three billion dollars of ?diaspora? bonds to retail investors in the U.S., according to the Finance Ministry.

The government approved fees to be paid for U.S. Securities and Exchange Commission clearance for the sale, a Finance Ministry announcement said on Tuesday.

The fees have been approved ?in order for the SEC to provide the Greek government the right to offer American investors, particularly retail investors, with bonds with a nominal amount of up to three billion dollars.?

No further details were provided.

Finance Ministry sources told Kathimerini earlier this month that the government will target investors of Greek descent in the US, Canada and Australia in a bid to raise money by selling bonds after being locked out of the debt market last year.

Sources had said that the ministry hopes to issue bonds of between three to ten years at an interest rate of less than 5 percent.