This page has been archived and commenting is disabled.

New Greek €5 Billion 10 Year Bond Prices At 300 Over Midswaps, 326 bps Over 2020 Bund, Comes With 6.25% Coupon

Tyler Durden's picture




 

The Greek 10 year bond issue priced at a reoffer of 98.942; It came with a 6.25% coupon, and priced at 300 over midswaps or 326 bps over the January 2020 Bund. The bond pays annual interest: what are the InTrade odds that even one coupon gets made on this issue?

Bloomberg notes that the WI is already trading up in the "gray market":

Greece’s 5 billion euros ($6.8
billion) of new 10-year bonds rose in the so-called grey market
for issues that haven’t priced after the government offered an
interest premium over existing debt. The benchmark securities climbed about 0.25 cent on the
euro as of 4 p.m. in London, or 2.5 euros per 1,000-euro face
amount, according to traders at Matrix Corporate Capital LLP.
Greece is selling the notes at a spread of 300 basis points more
than the mid-swap rate, for a yield of 6.35 percent. That
compares with 6.09 percent on Greece’s existing benchmark issue
due July 2019, according to data compiled by Bloomberg.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 03/04/2010 - 13:58 | 253757 Bam_Man
Bam_Man's picture

So it is evident that Greece still has the ability to sell its debt. Maybe not at rates as low as they would like, but they are clearly not frozen out of the credit market.

And they are demanding "gifts" from the EU for what? So they can borrow at lower rates than their 120% debt-to-GDP ratio would normally require? Unreal.

Thu, 03/04/2010 - 14:19 | 253791 worldlymrb
worldlymrb's picture

+1

Thu, 03/04/2010 - 14:22 | 253795 Arm
Arm's picture

Care to wager how much of that debt was bought by EU government linked financial institutions? 

Thu, 03/04/2010 - 15:08 | 253883 IE
IE's picture

Just like the Amity Mayor making his family walk down into the water....

Thu, 03/04/2010 - 17:02 | 254035 MarketTruth
MarketTruth's picture

Well, if Bernanke via the USA Federal Reserve can send to Europe $500 BILLION that Heli Ben refuses to tell Congress who got the money.... Corection, Ben(ny Hill) doesn't 'know' who got the money. Add that to the 'i can't recall' and 'an error of memory' in Washington DC.

www.youtube.com/watch?v=n0NYBTkE1yQ

 

You know, they call it 'Liquidity Swaps'. Uh huh... yeah.

PS: Maybe Washington DC does something to the human brain that (insert your joke here).

Thu, 03/04/2010 - 15:03 | 253871 Anonymous
Anonymous's picture

Less see how much they are willing/able to tolerate and the market to deliver...
its a vicious cicle: worst conditions-harder to fulfil
commitments-harder terms-worst conditions...
also agree that some european FI's maybe extending their hands as a favor to the ECB in exchange for god knows what

Thu, 03/04/2010 - 14:15 | 253780 Comrade de Chaos
Comrade de Chaos's picture

TD

 

check this baby out:

 

Dear Friends,

Revolutionary Greetings. It is our great pleasure to get the chance expressing our solidarity to March 4 National Day of Action to Defend Education are being held in US Countrywide. Thanks to all who have arranged such a painstaking movement struggle against violation of Education rights in US. We express our heartiest solidarity to your movement, specially this March 4 program. Now a days, the Capitalist and Imperialists are intensifying their attack on basic human rights including widely in Education sector. They are trying to resolve their crisis and maximizing profits through privatization & commercialization of education and curtailing budget in education sector. In Bangladesh our organization in fighting against the attempt of national capitalist & imperialist to privatize and commercialize education including fee increase, cuts of different student facilities.... See More

 

http://www.defendeducation.org/

 

LoL

Thu, 03/04/2010 - 16:23 | 253988 Anonymous
Anonymous's picture

us damn imperialist capitalist pigs - I thought they only used that talk in movies these days...

Thu, 03/04/2010 - 17:22 | 254088 Anonymous
Anonymous's picture

Should you not call a spade a spade?

The US is a capitalist and imperialist nation. Simple depiction.

Thu, 03/04/2010 - 14:18 | 253789 Anonymous
Anonymous's picture

I bet that Sarkozy pressured the French banks to double or triple their usual share.

Thu, 03/04/2010 - 15:07 | 253821 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Some German lawmakers say they have an idea to help Greece reduce its debt — sell some of its precious islands. They're not joking. It's a serious plan.

Thu, 03/04/2010 - 14:55 | 253850 Anonymous
Anonymous's picture

If you could get them to completely renounce claims to the islands (as in, they would be a new country, not part of Greece or the EU), then maybe you could load them with casinos and "drug friendly" hotels and brothels or something like that.

Thu, 03/04/2010 - 19:51 | 254290 Anonymous
Anonymous's picture

Hey, that's a good idea. We should try that with Taiwan.

Thu, 03/04/2010 - 14:37 | 253824 Anonymous
Anonymous's picture

"Very good for US Treasuries". If so could this whole drama be supoorted by the USA in order to fund its massive deficit? Cheaper than all out war. Good work Tim/Ben/GS/JPM. You guys deserve a bonus.

Thu, 03/04/2010 - 14:37 | 253826 deadhead
deadhead's picture

Looks to me like the entire euro crises is solved.  Hip Hip Hooray!

The water is now great again folks...just jump in the pool and enjoy yourselves.

just like Dubai....every problem with those bonds has been solved, didn't you get the memo?

Thu, 03/04/2010 - 16:33 | 254002 deadhead
deadhead's picture

give bernanke a little time to cover his short position on FAZ and he'll buy some euros.

 

Thu, 03/04/2010 - 14:39 | 253828 Anonymous
Anonymous's picture

So who is buying the Greek new issue? The US Treasury?

Thu, 03/04/2010 - 14:42 | 253831 BlackBeard
BlackBeard's picture

Some old people are being swindled by brokers.  That's how Argentina and various other South American countries were funding their shortfalls until their inevitable collapse in the 90s.

 

That Greece yield has ooooouch all over it LOL fools.

Thu, 03/04/2010 - 15:02 | 253866 Anonymous
Anonymous's picture

Have you taken the Gold Manipulation Quiz?
http://www.roadtoroota.com/public/197.cfm

Thu, 03/04/2010 - 15:03 | 253869 carbonmutant
carbonmutant's picture

 I wonder why the Euro is falling now...

Thu, 03/04/2010 - 15:06 | 253878 Stranger
Stranger's picture

A lot of new money being printed by banks and spent by the Greeks?

Thu, 03/04/2010 - 15:03 | 253870 asdf
asdf's picture

does anybody know how much yield countries have to pay when they borrow from thee IMF?

Thu, 03/04/2010 - 15:21 | 253913 BlackBeard
BlackBeard's picture

Nigeria bitches!

Thu, 03/04/2010 - 15:04 | 253872 Anonymous
Anonymous's picture

The American gov't bought the debt. They cannot let the EC collapse. They will prop the Greeks then the Brits and the rest of the PIGS. That is their only hope.

Thu, 03/04/2010 - 15:21 | 253910 Roy Bush
Roy Bush's picture

Kicking the can down the road until the ultimate decoupling of Greece from the Euro or Euro devaluation happens.  

Thu, 03/04/2010 - 15:35 | 253934 Anonymous
Anonymous's picture

16 B or so to get a chunk of land to maybe control the Bosporis? Who is the real buyer in this?

Thu, 03/04/2010 - 16:31 | 253998 plongka10
plongka10's picture

LOL - are you saying West Istanbul is up for sale?? (The European side) 

Thu, 03/04/2010 - 17:18 | 254082 MarketTruth
MarketTruth's picture

Perhaps not, yet i have a bridge in Brooklyn...

Maybe the USA can sell Ellis Island to the French, as it is their Statue and the USA government desperately needs the money (trade the Island for gold would be better still).

 

Fri, 03/05/2010 - 01:54 | 254562 Econophile
Econophile's picture

Is Germany buying their debt?

Fri, 04/16/2010 - 08:59 | 303700 mark456
mark456's picture

ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. cheap vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers.

Do NOT follow this link or you will be banned from the site!