ECONOMY

Encouraged by upgrade, Greece plans 10-year bond issue

encouraged-by-upgrade-greece-plans-10-year-bond-issue

Greece plans to issue a 10-year bond this week after Moody’s raised its rating by two notches, with the state mandating six international banks for the issue.

It will be the second debt sale since Greece exited its third international bailout in August and the first 10-year bond in a decade.

In a regulatory filing, Greece said it has mandated six international banks as joint lead managers for the issue of a benchmark 10-year bond “in the near future,” subject to market conditions.

The banks are BNP Paribas, Citi, Credit Suisse, Goldman Sachs, HSBC and JP Morgan.

Bankers earlier told Reuters the bond would be issued in coming days with the aim to raise about 2 billion euros.

Greece’s 10-year bond yield dropped to 3.622 percent in early trade on Monday, the lowest since January 2006. [Reuters]