Greece Taps Existing Bond Issue

Greece Tuesday followed up Monday's seven-year syndicated bond deal with an announcement that it will re-open the 5.9% October 2022 government bond at an auction, to raise up to €1 billion ($1.35 billion).

Greece's €5 billion, seven-year deal was oversubscribed Monday, attracting an order book of €6.25 billion, but this was seen as a disappointment after the country's syndicated bond issues attracted huge orders in January and March.

There was pressure on Greek bonds even before the auction announcement, with the spread on 10-year debt over German bunds widening to 3.35% Tuesday morning, from 3.16% at Monday's close. "It was negative that the order book was by far not as high as at the previous deals and also the number of investors was also sharply down," said David Schnautz, strategist at Commerzbank in Frankfurt.

Read Full Article from Wall Street Journal

- Posted: 2010-03-30 09:08:06

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