By T. Tsiros
[email protected]
A diverse distribution of investors – both in terms of country of origin and by profile – who purchased Tuesday’s 10-year Greek bond and the almost five-fold coverage of the issue has reportedly “wetted” the appetite of the Public Debt Management Agency (PDMA) for a new 15-year bond.
According to reports from Athens, both the autonomous PDMA and the wholly partisan finance ministry are positive over the prospect of another foray into the markets, even next month, and regardless of the amount the Greek state wants to borrow.
An “unofficial” target by the poll-trailing Tsipras government is to drain seven billion euros from the markets before the May 2019 European Parliament elections. As such, a crucial date now emerging is April 26, 2019, when a forthcoming report on the Greek economy will be releasted by Standard and Poors.
An auspicious development would be for another upgrade of Greece’s credit rating combined with an earlier Eurogroup decision to finally release up to one billion euros in ANFAs and SMPs profits generated by Greek bonds, currently held by Eurozone member-states’ central banks and the ECB.
The next Eurogroup meeting is set for April 11.
The final distribution of the 10-year bond, as announced by PDMA, showed investors from the UK leading the pack (37.5 percent), followed by Greece (12 percent) and Germany/Austria (9.5 percent), while fund managers (68 percent) were the largest bloc by investor profile.
The exact breakdown is here:
http://www.pdma.gr/en/debt-instruments-greek-government-bonds/announcements/2079-issuance-of-10-year-bond-ggb
