Greek Bond Swap Offer Reaches 86% of Shareholders

Greece has successfully completed a 30 billion euro voluntary bond swap aimed at boosting the liquidity of a thinly traded government paper issued after its debt restructuring, preliminary results showed.

The take-up reached 86% of bondholders, a government official said. The final results will be announced on Thursday.

Greece offered to exchange a strip of 20 government bonds issued after the debt restructuring in 2012 for five new benchmark issues.

The new bonds have maturities ranging from five to 25 years and coupons from 3.5% to 4.2%. Settlement will be on Dec. 5.

The government plans to tap bond markets again after its current bailout review is concluded and wants to ensure suitable liquidity conditions for its future bond market exits.

With public debt at about 178 percent of its gross domestic product, the highest ratio in the eurozone, the Greek government is keen to restore full market access by August next year when its current bailout programme ends.

Source: Reuters