Greece announced on Tuesday the placement of 2,500 million euros through bonds with a maturity of five years in what is their return to the capital markets from August 2018, when he finished his third rescue. The strong demand "has exceeded all expectations," according to the Greek Minister of Economy, Euclides Tsakalotos.
Demand for the issue has exceeded 10 billion and bond yields have been set at 3.6%, below the estimated range (between 3.75% and 3.875%). The voucher coupon has been established at 3.45%.
In statements collected by the Greek agency ANA, Tsakalotos stressed that with this placement the Hellenic country has already covered 36% of its financing needs for the whole of 2019, estimated at 7,000 million euros.
Greece emerged on August 20 of the last financial assistance program agreed between Athens and its international creditors. In 2015 it received 61,900 million euros for three years with the objective of financing the macroeconomic adjustment and the bank recapitalization.
The Government of Athens also received loans amounting to 141,800 million euros from the European Financial Stability Fund between 2012 and 2015. Thus, the total amount disbursed by both rescue funds to the Hellenic country amounted to 203,770 million euros.
The issue is considered an important step for the country to be able to finance itself in the markets. In the last placement of similar bonds, profitability was similar (4.625%), but then the third redemption was in force. According to estimates of the International Monetary Fund, Greece will grow this year to 2.4% and in 2020 to 2.1%.