Greece €5 Billion 5 Year Bonds Books Now Closed

Update: The book has now closed for European Orders at €23 Billion in orders

• Greece 5yr €uro Benchmark – Books > €11bn/Spread revised
• Issuer: The Hellenic Republic A2 neg/ BBB+ neg/ BBB+ neg RegS / 144A
• Amount: €uro Benchmark Cpn: tbc % ann, act/act
• Settlement: t+5 (tbc) Maturity: 20 August 2015 (5 years)
• PriceGuide: MidSwaps + 350/365bps ****
• Leads: CS, DB, Eurobank EFG, GS, MS & NBG + coleads B&D: DB (duration manager) Timing:
• Books open, pricing no later than mid week

h/t Alphaville

Comments

[bugs_]

Get yer Hell(enic) Bonds while they are hot!

[Leo Kolivakis]

Demand for Greek 5-yr Bond – off the wires - Greece's first bond issue of the year received strong demand on Monday as the price offered a hefty premium, holding out the hope that Greece could sooth concerns it can raise financing. Demand reached 16 billion euros, above the initial offered issue size of up to five billion euros, after Greece set initial price guidance on the five-year syndicated bond at mid-swaps plus 375 basis points, banking sources said. The bond issue is a key test of Greece's ability to ride out its worst economic crisis in decades, which has prompted questions about its ability to service its huge debt burden of more than 120% of GDP.
 

[Anonymous]

An the point is ? That Greece can still sell its bonds, offering an exorbitant premium ? So ? Extend (for a few months) and pretend ?

[Leo Kolivakis]

Highly likely that the ECB snapping up those Greek bonds, point being they are not going to let Greece start a domino effect out of the Euro.