Reopening of 10-year Greek bond attracts bids worth 16 bln euros

Greece on Wednesday attracted very high demand in a reopening of a 10-year bond issue, with bids reaching 16 billion euros. The book-building process opened with an initial estimate for an interest of 1.33 pct, but the high demand has lowered the interest to 1.23 pct so far. Greek authorities are seeking to take advantage of a positive climate prevailing in international bond markets with the reopening of a 10-year bond issue launched on June 18 with an interest of 1.5 pct. Greece expects to raise around 1.5-2.0 billion euros from the reopening.

The Public Debt Management Organisation initially planned to issue state bonds worth 4-8 billion euros this year, but the pandemic has led authorities to raise the ceiling to 9.5 billion euros. It has raised 7.5 billion euros so far this year.