Economy

Greece announces new bond issue ending three-year market exile

Greece announces new bond issue ending three-year market exile

Greece looks set to return to the worldwide bond markets following a three-year absence, according to a document released on Monday.

Greece has also invited holders of its 4.75 per cent outstanding bonds, due to mature in 2019, to tender them for cash at a price of 102.6 per cent of their nominal amount.

Pricing of the New Notes Offering is expected to occur on July 25, 2017, subject to market conditions, with settlement expected to occur on August 1, 2017, according to the press release.

The Greek government has hired six banks to oversee the issue of a five-year bond maturing in 2022: Goldman Sachs, Citi, Deutsche Bank, HSBC, BNP Paribas, and Bank of America Merrill Lynch, the FT reports.

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Three days after the International Monetary Fund (IMF) executive board approved, in principle, approximately €1.6 billion of a precautionary Stand-By Arrangement for Greece, despite claiming Greece's debt is still unsustainable and will require debt relief, the Greek government pushes the button to re-enter markets.

Greece has been suffering from a financial crisis for nearly a decade, adopting austerity memorandums and finally crashing out of global lending markets in 2014.

The country's return comes on the same day as European Commissioner for Economic and Financial Affairs Pierre Moscovici is visiting Athens.


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