Barclays

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BARC

Greece hires banks for seven-year euro bond

Greece has hired five banks for a euro bond that could come as early as next week, according to sources.

The sovereign has mandated Barclays, BNP Paribas, Citigroup, JP Morgan and Nomura for the transaction, which is likely to have a seven-year tenor.

Greece is rated Caa2 by Moody's, B by Standard & Poor's and B- by Fitch.

The banks declined to comment.

Delays lead to GDP revision by foreign banks

The Greek economy will likely pay a heavy price for the delay in the bailout review, as international banks and economic entities have been downwardly revising their estimates for the country's gross domestic product this year.

Against the budget forecast for 2.7 percent growth, Citigroup and Barclays on Thursday estimated the annual expansion rate at below 0.5 percent of GDP.

“Banking nightmare” in Europe markets – Deutsche Bank goes down by 8%

Shares of Deutsche Bank fell 8% at the start of the European trading session on Friday, amid capital concerns following a proposed settlement by the U.S. Department of Justice and a report that some hedge funds were reducing their exposure to the embattled bank.

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