Dollar, yen bonds can help broaden investor base

Greece may issue dollar- and yen-denominated bonds in 2010 to widen the base of investors, the country’s Public Debt Management Agency (PDMA) chief said yesterday. «Our borrowing plans for this year include issuing a global dollar-denominated bond and possibly one in yen as well,» PDMA chief Spyros Papanicolaou told Reuters. «It will depend on market conditions.» Meanwhile, economist Miranda Xafa, a former deputy executive director at the International Monetary Fund, said yesterday there is a refinancing risk with bonds expiring in April and May. «This year, we have a big expiry of bonds in April and May. With the five-year bond from 2005 and the 10-year bond issued in 2000, this concentration of maturing bonds leads to a refinancing risk,» she said.