Greece to return to bond markets tomorrow as S&P upgrades Greek debt

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Greece is to return to the international bond markets for the first time in three years tomorrow.

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.

After almost crashing out of the eurozone in 2015, Greece has rebuilt its economy and is looking to build up its reserves before its current bailout programme expires in August 2018.

Last week S&P upgraded the outlook for Greek government debt, taking it from stable to positive on the view the country is likely to receive further assistance.

Greece’s debt office will ask holders of its 2019 bonds issued three years ago to swap their debt for cash, it announced on the stock exchange. In 2014 the five-year bond priced at 4.95 per cent, with the government hoping to refinance at a lower rate of 4.75 per cent. The bond’s yield – which reached 35 per cent in 2015 – is at a record low of 3.2 per cent today.


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