Greece to issue new 10-year bond
Greece is making its first market foray for 2021, probably on Wednesday, with the issue of a new 10-year bond to further strengthen its cash reserves. The market had more or less expected a 10-year note, despite some investment companies foreseeing longer issues.
The decision for a benchmark issue is neither by chance nor hasty, with the Public Debt Management Agency weighing developments in the bond market, the mood of investors and the recommendations of primary dealers.
The fact that the Italian political crisis has not affected Greek yields in the last few days and hasn't quenched investors' thirst for high returns, combined with the positive course of Italian bonds, has convinced the Greek state to make its move now, in line with its planning.
Last week's bond swap with Greek systemic lenders through the re-issue of the 30-year bond at a historically low...