PDMA ponders swap for old PSI notes
The Public Debt Management Agency (PDMA) is considering swapping bonds from the 2012 private sector involvement (PSI) debt easing scheme that did not participate in the 2017 swap, by reopening last March's 10-year bond issue. Sources say that US bank Goldman Sachs will run the project.
The state's borrowing program for 2019 has already been covered by the three bond issues earlier this year - a five-year, a 10-year and most recently a seven-year note - which drew a total of 7.5 billion euros. However, PDMA intends to continue enhancing the Greek bond market's liquidity and depth, to further improve state borrowing costs and to replace or buy back any issues left out of the PSI restructuring that have a particularly low liquidity.
The agency's objective is not to proceed to consecutive bond issues, despite exceptionally favorable conditions that have brought yields to...
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