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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	3/4/2010 12:34:12 PM
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Greece’s 10-Year Bonds Rise in ‘Grey Market’ Trading (Update1) By John Glover and Bryan Keogh cover ratio was almost 3 times much better than comparable US Treasuries) March 4 (Bloomberg) -- Greece’s 5 billion euros ($6.8 billion) of new 10-year bonds rose in the so-called grey market for issues that haven’t priced after the government offered an interest premium over existing debt. The benchmark securities climbed about 0.25 cent on the euro as of 4 p.m. in London, or 2.5 euros per 1,000-euro face amount, according to traders at Matrix Corporate Capital LLP. Greece is selling the notes at a spread of 300 basis points more than the mid-swap rate, for a yield of 6.35 percent. That compares with 6.09 percent on Greece’s existing benchmark issue due July 2019, according to data compiled by Bloomberg. “I am unsurprised the bonds are performing well,” said Ivan Comerma, head of capital markets at Bank International- Banca Mora in Andorra. “Overall 300 basis points is a very good spread for investors.” Greece is selling the bonds as concern eases the nation will be able to reduce Europe’s largest budget deficit. Prime Minister George Papandreou yesterday announced higher tobacco, alcohol and sales taxes and civil servant salary cuts to help reduce the 12.7 percent gap by 4 percentage points this year. To contact the reporters on this story: John Glover in London at johnglover@bloomberg.net; Bryan Keogh in London at bkeogh4@bloomberg.net Last Updated: March 4, 2010 11:57 EST

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