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GreeceBusinessGreece raises 3.5 billion from 15-year syndicated bond issue; FinMin statement

Greece raises 3.5 billion from 15-year syndicated bond issue; FinMin statement

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Greece on Tuesday successfully completed a 15-year syndicated bond issue, raising 3.5 billion euros at an interest rate of 4.45% (down from an initial estimate of 4.5%).
Bids submitted exceeded 13.4 billion euros, of which 11.6 billion in cash and 1.8% in bond swap.

The Greek state returned to capital markets for the first time after the June 25 elections, taking advantage of a positive climate prevailing in the domestic bond market. The issue was part of a programme aimed to reduce the country’s public debt through a premature repayment of 5.5 billion euros of loans signed during the first memorandum.

BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs, JP Morgan  and National Bank act as lead managers of the issue.

Finance Minister

National Economy and Finance Minister Kostis Hatzidakis welcomed the successful completion of the syndicated bond,  saying it “attests to the forthcoming investment grade for Greece.”

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In a statement, FinMin Hatzidakis said, “Today’s issue was completed successfully and with significant oversubscription, despite the continuing high uncertainty in the global economic environment, with good-quality capital. The results of the issuance attest to the forthcoming investment grade for Greece, which will lead to further reduction of the economy’s borrowing rate. Such developments, combined with the decision, among others, to repay the bilateral loans of the first memorandum ahead of time, serve the government’s target for a continuously dropping trend of the public debt to under 140% of the GDP by 2027, to which we are committed.”

SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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