Bond sales of 8 bln planned for this year

Bond sales of 8 bln planned for this year

The Public Debt Management Agency (PDMA) will be tapping the markets for up to 8 billion euros during 2020, making the most of the pickup in momentum that Greek paper saw last year.

The agency has set three main targets for 2020: reducing the volume of treasury bills by 4.4 billion euros from the 12.6 billion on the market, and replacing them with debt of longer maturity; the early repayment of bonds amounting to 4 billion euros from the private sector involvement (PSI) debt easing scheme; and a third early repayment of debt to the International Monetary Fund, totaling some 2 billion euros.

It follows a landmark year for Greek bonds when institutional investors returned in droves to the secondary market, raising turnover by 70 percent to over 8.5 billion euros. This is despite Greek government bonds remaining excluded from the European Central Bank’s bond buying program.

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