Pricing of Greek 5-year-bond later today, as Greece returns to market

25 July 2017
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The Greek government is expected to declare the country’s exit from the memoranda as it prepares to issue a 5-year bond upon returning to the markets later on Tuesday.

The exact amount of money and the bond rate the Greek state will draw will become public on Tuesday afternoon. The target is to achieve an interest rate lower than that of the pervious Greek government under Antonis Samaras in 2014. The public offer is directed at bondholders ending in 2019 and to new investors under the book offer procedure. The procedures will include the six bank guarantors of Bank of America Merrill Lynch, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and HSBC pricing the switch of old bonds and then to new investors based on the open book offers. The government aims to yield an interest rate of around 4.5% or lower in an effort to gain political points against the previous time Greece had entered the bond market at 4.95% under Antonis Samaras in 2014.

Market pundits estimate that interest rates of the new 5-year-bond will stand a little under the 4.5% mark, while banks estimate the the offer will be covered by 3 times.

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