ECONOMY

Greek authorities moving forward with issue of 7-year bond

greek-authorities-moving-forward-with-issue-of-7-year-bond

Greek authorities are moving forward with plans to issue a seven-year government bond, sources said on Monday.

The state has hired five banks — Barclays, BNP Paribas, Citi, J.P. Morgan and Nomura — for the transaction.

According to sources, the state aims to raise at least 3 billion euros from the issue which is intended to add to a cash buffer authorities want to start building ahead of the country's scheduled exit from its third bailout in August.