Today’s five-year bond issue, through which our country raised 2.5 billion euros in the markets, was “successful despite a particularly liquid global economic environment, as it attracted strong demand, good capital quality and satisfactory borrowing costs,” he said. Minister of Finance, Christos Staikouras.

“Thus, we have timely and methodically covered the vast majority of the country’s credit needs this year, ensuring high cash reserves for the post-election period. The country’s cash reserves, again exceeding 38 billion euros“, Mr. Staikouras also mentions in his statement.

It is noted that during today’s release, the Greek government borrowed 2.5 billion euros with a final interest rate set at the midpoint of the swap plus 90 basis points. Demand exceeded 19.1 billion euros. With today’s release, our country has covered almost 90% of its annual needs, that is, 6 billion of the approximately 7 billion euros that have been set as a target. This was Greece’s second entry into the markets this year, preceded by a €3.5bn 10-year bond issue in January.

“It is recalled that, despite intense international volatility, the percentage difference (spread) with the corresponding German interest rate is approximately 1/4 of the beginning of 2019. This is due to the high stability, strong dynamics and favorable prospects for the Greek economy, such as they have been formed over the past four years, with the implementation of a responsible and balanced economic policy by the current government,” said Mr. Staikouras.

Source: moneyreview.gr