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Greece launched a 5-year bond auction on Tuesday, with the financial products having a yield of 3.6 percent. The sale successfully raised a total of 2.5 billion euros ($2.87 billion) for the Greek treasury.
It was the first time the country has tapped international capital markets for financing since it emerged from its bailout programs in August of 2018.
Welcoming the results of Greece’s attempt to tap the markets, Finance Minister Euclid Tsakalotos said the yield of the country’s bond issue had “exceeded all expectations”.
The minister said it was extremely positive that several long-term investors were among those making bids to buy the syndicated five-year bond, thus greatly restricting the number of speculative funds.
The bond sale was ordered following the bailout inspectors’ visit to Athens last week. Significantly, it also comes after the government survived the departure of its junior coalition partner over disagreement on a deal to normalize relations with FYROM.
Greece has tested the market appetite for such bonds under the watch of its international lenders in recent years. The country sold 3 billion euros’ worth of seven-year bonds nearly a year ago.
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