ECONOMY

Greek yields rise after banks hired for comeback bond sale

Greek yields rise after banks hired for comeback bond sale

Yields on Greek government bonds rose on Thursday after IFR reported six banks had been hired to arrange Greece's first bond sale in over three years.

The Thomson Reuters market news and data service said late Wednesday Greece had mandated Bank of America Merrill Lynch, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and HSBC for a five-year issue. The banks declined comment.

When trading commenced on Thursday, the yields on Greece's outstanding bond maturing in 2019 rose over 20 basis points to 3.81 percent, while yields on longer-dated bonds were up 5-10 bps, according to Tradeweb data.

Yields on outstanding bonds tend to rise ahead of new debt sales as investors make room in their portfolios for the new supply.

[Reuters]

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