Greece has fired the starting gun on its first issue of new bonds since 2014, testing whether investors will back its recovery from a debt crisis that forced it to seek multiple international bailouts.
The sub-investment grade rated country is seeking to sell five-year debt yielding about 4.75 percent, according to a person familiar with the transaction who is not authorized to speak publicly and asked not to be named. A second person also speaking on condition of anonymity said investors had placed orders worth 7 billion euros before books closed ahead of final pricing on Tuesday.
The guidance “looks very attractive,” said Lutz Roehmeyer, who helps oversee 12 billion euros at Landesbank Berlin Investment GmbH including Greek debt. “Expectations were at 4.5%, so the chance of success is very high.”