Take up in Greek bond swap offer hits 86 percent, initial results show

Take up in Greek bond swap offer hits 86 percent, initial results show

Greece has successfully completed a 30 billion euro ($35.55 billion) voluntary bond swap aimed at boosting the liquidity of thinly traded government paper issued after its debt restructuring, preliminary results showed on Wednesday.

The take-up reached 86 percent of bondholders, a government official told Reuters, asking not to be named. The final results will be announced on Thursday.

Greece offered to exchange a strip of 20 government bonds issued after the debt restructuring in 2012 for five new benchmark issues.

The new bonds have maturities ranging from five to 25 years and coupons from 3.5 percent to 4.2 percent. Settlement will be on Dec. 5.

Greece plans to tap bond markets again after its current bailout review is concluded and wants to ensure suitable liquidity conditions for its future bond market exits.

With public debt at about 178 percent of its gross domestic product, the highest ratio in the euro zone, Athens is keen to restore full market access by August next year when its current bailout programme ends.

BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, HSBC and Merrill Lynch were joint lead managers for the swap. [Reuters]

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