With its e2.5 billion 2010 benchmark international bond launched in February, Greece has, in capital market terms, established itself as a de facto member of the eurozone. The launch price of 53 basis points over Bunds was the lowest cost of borrowing for Greece ever on such a deal, and marked a substantial reduction from the spread levels on previous deals in the high 50s.
That the new bonds found eager buyers at 10bp over Euribor, the equivalent of 53bp over Bunds at launch time, was nothing short of impressive, says Amir Shariat, head of debt capital markets, Greece, at Deutsche Bank.
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