Greece’s five-year bond raises $2.7 billion

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Greece raised 2.5 billion euros ($2.7 billion) on Wednesday with strong demand for a new 5-year bond, Ekathimerini has reported.

Greek Finance Minister, Christos Staikouras, welcomed the success of Greece’s five-year bond despite the volatile global economic environment.

Mr Staikouras said the returns covered most of the country’s borrowing needs for the year 2023, ensuring high cash reserves for the period following national elections as well.

Greek Finance Minister, Christos Staikouras.

Asset manager at Beta Securities in Athens, Kostas Boukas, told Reuters “it was the right decision at the right time.”

Greece covered almost 90 percent of its annual borrowing needs with the new syndicated bond, paying a yield of about 3.93 percent.

The country plans to borrow a total of 7 billion euros this year through new issues and reopening other maturities. It raised 3.5 billion euros from a new 10-year bond in January.

Source: Ekathimerini.

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