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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	1/25/2010 3:04:14 PM
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Greece's Bond Orders Reach €20B Dow Jones Newswires ATHENS -- The Greek government Monday received orders of EUR20 billion for its first bond issue this year, surpassing expectations in what was seen as a key test of the country's ability to finance its deficit. Earlier Monday, Greece opened its order book for the much awaited five-year syndicated bond, aiming to raise between EUR3 billion and EUR5 billion. So far, it is four times oversubscribed. "So far the book is at EUR20 billion. It has gone very well, beyond what was expected, there is a sense of relief," a government official told Dow Jones Newswires. The official added that Greece will probably only take orders of around EUR5 billion for the bond. "It could be above EUR5 billion, but it won't be much more than that," he said. However, the latest bond didn't come cheap. The price guidance for the issue was around 375 basis points over midswaps, one of the lead managers of the deal said Monday.

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