Greece opens book for new 7-year bond

Source: Xinhua | 2020-04-16

Greece on Wednesday morning opened the book for the new seven-year bond it had announced on Tuesday, according to the country's Public Debt Management Agency.

In what is Greece's second foray in the bond market this year, investors are given a guidance rate of 2.30 percent. The new bond will mature in April 2027.

"Our objective is to borrow an additional amount of money from the markets at a satisfactory interest rate. We are not making a market foray for a high amount, as other states have done, because the needs are not the same," Finance Minister Christos Staikouras said on local Action24 TV station late on Tuesday, a few hours before the book opened.

He said the Greek state has significant cash requirements due to the novel coronavirus epidemic and the bond will help finance.

Greece's only other market foray this year was in January, when it drew 2.5 billion euros through a 15-year issue, before the outbreak of the coronavirus epidemic in Europe.

Greece's Public Debt Management Agency set at the start of the year a range between 4 and 8 billion euros for takings from the bond market. (1 euro = 1.09 U.S. dollars)