From The Financial Times

January 29, 2019

Katie Martin in London and Kerin Hope in Athens

Greece has raised €2.5bn in a carefully choreographed return to the international bond markets, riding a wave of goodwill after its recent diplomatic efforts over Macedonia and making the most of supportive market conditions.

The five-year bond, the country’s first since emerging from its third international bailout programme in August, had a coupon rate of 3.45 per cent and yield of 3.60 per cent. It drew over €10bn in demand.

Finance minister Euclid Tsakalotos said the issue had “exceeded all our expectations.”

He added that “it was very positive” there were so many long-term investors, which significantly reduced the number of hedge funds participating.

Valdis Dombrovskis, European Commission vice-president, said Greece’s return to the markets was “a very delicate task”. After nine years without regular borrowing and saddled with a debt equal to 180 per cent of GDP, Greece “doesn’t have much room for manoeuvre and not much room for mistakes”, he said.

Link to full article in The Financial Times