by Kerin Hope
February 8, 2018
Greece has wrapped up the sale of a seven-year bond after a 48-hour delay blamed on international market turbulence, raising €3bn at a yield of 3.5 per cent.
The issue marked the first time since 2014 that the country has raised new money. A five-year bond issue last July raised €3bn, about half of which involved swapping existing debt for longer-dated paper.
“We proved today . . . that not only can we tap the markets and raise new money but we can do that in circumstances that are not ideal,” said Euclid Tsakalotos, the finance minister.
Demand for the paper exceeded €6bn, with longer-term investors showing interest as well as hedge funds, according to bankers in Athens.