Greece opens book for its new 7-yr bond

Greece opened the book for its new seven-year bond on Thursday morning, expecting to collect at least 3 billion euros from the markets.

Observers anticipate the yield of the new benchmark-sized debt to amount to 3.75 percent, maturing on February 15, 2025.

Greece had originally planned for the issue to take place on Tuesday, but decided to wait for a couple of days until the markets calmed down after the sell-off recorded across the world on Monday.

The recovery seen on Tuesday and mainly on Wednesday convinced the Public Debt Management Agency (PDMA) to proceed with the opening of the book.

PDMA has recruited Barclays, BNP Paribas, Citi, JP Morgan and Nomura as joint lead managers for the offering.

The 3 billion euros expected will be used in building a cash buffer for the period after Greece’s emergence from the bailout program this August.