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Greece Returns to Bond Market
Greece Returns to Bond Market

Greece Returns to Bond Market

Greece Returns to Bond Market

Greece is making its return to the market Tuesday after a three-year absence with the sale of a five-year bond. Analysts have applauded the timing but caution the country is still in the hands of international creditors.
The Greek Debt Agency is issuing a five-year bond maturing in 2022 with a coupon rate of 4.75%. According to a source close to the situation, who did not want to be named due to the sensitivity of the issue, there seems to be high appetite from investors and an expected yield near 4.5%, CNBC reported.
Tuesday’s bond sale is a key milestone for the troubled Greek economy, which has been under economic surveillance since 2010. Athens tapped the markets in 2014, but shortly after the country was asking for a third financial bailout. The Greek government says this time is different and Athens is seeing the light at the end of the tunnel. The Greek finance ministry wasn’t immediately available for comment when contacted by CNBC Tuesday.
In an interview with the Guardian on Monday, Prime Minister Alexis Tsipras said: “We can now say with certainty that the economy is on the up … Slowly, slowly, what nobody believed could happen, will happen. We will extract the country from the crisis … and in the end that will be judged.”
Analysts have applauded Greece’s timing. Credit rating agencies and international creditors have noted some economic improvements over the last few months. Moody’s said earlier this month that economic growth and public finances are on a more sustainable path and Standard and Poor’s revised Friday the country’s outlook to positive from stable.

 

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