Greece: strong demand for 1st bond in 4 years [View all]
Source: Associated Press
ATHENS, Greece (AP) — Greece said it had received strong interest for its first bond issue in four years on Thursday, when it auctioned off five-year debt amid growing signs of market confidence.
The country, which has been locked out of the market by high borrowing costs since 2010, was initially seeking to raise 2.5 billion in the sale. The final results of the auction, including the average interest rate it will pay investors, were not yet made public. But officials indicated they were good.
Speaking during an early morning television news show, government spokesman Simos Kedikoglou said there was "great interest" in the bond.
"We have, if I'm not mistaken, a six-fold coverage," he said. Greece can choose to accept more bids than they originally aimed for if the interest rate is attractive.
Read more: http://bigstory.ap.org/article/greece-taps-bond-market-1st-time-4-years
This is partly attributable to the the conditions now attached to their bond sales : written under English law making them effectively bullet proof.
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