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December 10, 2019

Greece sold debt on the capital markets for the first time since 2014

Greece sold debtGreece has sold debt to investors for the first time since 2014. The issue was realized after the country reached an agreement with creditors on the rescue program review. Athens has achieved a better-than-expected yield of 4.375%, for its new five-year bond issue, released the Finance Minister Euclid Tsakalotos. This is 0.3 percentage points lower than Greece’s last issue on capital markets in 2014 and significantly below the expected yield of 4.75%.

For Tsakalatos this is the first sure step that makes the country on the way to returning investor confidence and putting the end of the spiral of rescue programs in which the country has fallen since 2010.

Government sources indicate that there were more than 200 official applications totaling 6.5 billion EUR for the issue. The proposed issue was 3 billion EUR.

At the moment on visit in Athens is the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici. At a meeting with Prime Minister Alexis Tsipras, he recommended that measures be developed for the period after the end of the third rescue program in August 2018.

“We have achieved a lot, we have come a long way and we are finally seeing light”, said Pierre Moscovici.

The operation has been prepared for a long time, but according to analysts the “perfect moment” has been chosen.

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