Seven-year bond issue next week

Greece is moving ahead with its first market foray since the general election with a new seven-year bond issue, probably next week.

Sources told Kathimerini that the Finance Ministry has authorized the Public Debt Management Agency (PDMA) to launch the process for a new issue, so as to make the most of a favorable climate regarding the Greek economy's prospects, as evidenced by a flurry of positive reports from international firms this week.

Market conditions permitting, the announcement will take place on Monday, July 15, with bookbuilding starting the following day. The aim is to draw 2.5 billion euros at a rate of below 2 percent, thereby overshooting the PDMA's annual target of drawing 7 billion from the markets in 2019, since 5 billion euros has already been drawn this year.
Even so, there may also be further issues later in the year, after the five- and 10...