Greece on Tuesday said it sold 3.5 billion euros in new June 2033-dated government bonds via a bank syndicate, with the issue attracting more than 21.9 billion euros in bids.
The spread on the 10-year bond was set 165 basis points above mid-swaps. The bond features a 4.250-percent coupon, and priced at 99.782, with the yield easing to 4.279 percent, according to book-running sources.
Greece’s Public Debt Management Agency (PDMA) has announced that the country will need to raise roughly 15.4 billion euros from the markets to cover financing needs this year, with around 7.2 billion euros needed to refinance maturing bonds and 4.5 billion to pay off interest on public debt.
The government’s borrowing needs for 2023 are reportedly lower due to an expected 1.7-billion-euro primary surplus forecast in the state budget.
The joint bookrunners of the transaction are Barclays, BofA Securities, Commerzbank, Goldman Sachs Bank Europe SE, J.P. Morgan and Societe Generale.
In commenting on the development, Greek Finance Minister Christos Staikouras welcomed investors’ response to the issue.
In his statement, he stressed that “we are building strong cash reserves, following a prudent fiscal policy and implementing reforms, so that we bravely support households and businesses for as long as necessary and strengthen, even more, the sustainable development of the Greek economy.”
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