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Greece Issues Bond After Successful T-bill Auction

Greek finance
According to sources within the government, the Finance Ministry is most likely to issue three-year bonds in order to borrow an amount between 2.5 and 3 billion euros, at an interest rate that will not be higher than 3 percent.
On Tuesday, Greece successfully auctioned a six-month Treasury bill issue raising 1.625 billion euros from the market at reduced cost.
The Public Debt Management Organization, in an announcement said that the interest rate of the issue was set at 2.05 percent, down from 2.15 percent of the previous auction of same issue in June 10. Bids submitted totaled 3.322 billion euros, 2.66 times more than the target.
The organization will also accept non-competitive bids up to 30 percent of the target total by Thursday, July 10.
Ministry officials seem confident that Wednesday is the best day for the book-building process to start so that it can be concluded tomorrow.
This return to bond markets coincides with the return of Greece’s Troika of international creditors to Athens, for their next assessment on the progress made by the Greek government in meeting its prior action obligations.
The Troika is scheduled to hold its first meeting with Greek Finance Minister Gikas Hardouvelis tomorrow, Thursday. This means that the bond issue will be completed before the evaluation of the Troika.

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