• Are Treasuries The Last Diversifier Left?
    Leo Kolivakis
    07/30/2010 - 17:29
    In the first quarter, the US economy grew by 3.7%, revised up from an originally reported 2.7% increase. But growth estimates all the way back to the start of 2007 were revised lower. Moreover, the level of real GDP in Q1 was revised down by $100 billion. Does this mean the secular bull market in bonds will continue? And are Treasuries the "last diversifier left"?
  • Japan: Land of the Rising Debt
    Vitaliy Katsenelson
    07/30/2010 - 13:51
    The Japanese economy operates on the assumption, soon to be proved false, that the government will always be able to borrow at low interest rates. As internal demand evaporates, the government will have to start hawking its debt outside Japan — in a more realistic world, where interest rates are a lot higher.
  • An Open Letter to President Obama
    Phoenix Capital Research
    07/30/2010 - 09:55
    Dear Mr. President, You don’t know me, but I was one of the millions of Americans who voted for you in the last election. I have since been fairly critical of your Presidency largely because I, like many others, feel betrayed by the policies you have enacted upon winning said election.

Greece €5 Billion 5 Year Bonds Books Now Closed

Tyler Durden's picture
Submitted by Tyler Durden on 01/25/2010 08:28 -0500



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

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by bugs_
on Mon, 01/25/2010 - 10:20
#205228

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

by Leo Kolivakis
on Mon, 01/25/2010 - 11:24
#205294

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.
 

by Anonymous
on Mon, 01/25/2010 - 11:46
#205329

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

by Leo Kolivakis
on Mon, 01/25/2010 - 14:09
#205556

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.

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