FEBRUARY 23, 2018 / 7:54 AM / UPDATED 4 HOURS AGO
Reuters Staff
TOKYO (Reuters) - Technical work has begun to determine if Greece requires debt relief after its expected exit from a bailout program later this year, the head of Europe’s rescue fund said on Friday.
Requiring investors to take a haircut, or accept losses on the value of government debt, would not be part of any restructuring once Greece exits its bailout program, said Klaus Regling, head of the European Stability Mechanism, the euro zone rescue fund.
“The technical work has started so that we are ready by the summer when the program ends,” Regling told reporters after giving a speech in Tokyo.
"Ό,τι η ψυχή επιθυμεί, αυτό και πιστεύει." Δημοσθένης (Whatever the soul wishes, thats what it believes, Demosthenes)
Showing posts with label Bonds. Show all posts
Showing posts with label Bonds. Show all posts
Friday, February 23, 2018
Friday, February 9, 2018
Greece Takes Step to Normalcy With Bond as Bailout Nears End
By Sotiris Nikas and Lyubov Pronina
8 Φεβρουαρίου 2018, 12:19 μ.μ. EET Updated on 8 Φεβρουαρίου 2018, 4:52 μ.μ. EET
Country to price seven-year bonds to yield-hungry markets
Debt relief discussion and a new monitoring scheme to come
Bloomberg
Greece will sell 3 billion euros ($3.7 billion) of seven-year bonds in another step toward exiting a bailout program in August that has kept the nation afloat.
The offer for the 2025 notes will price to yield 3.5 percent, inside an initial target of about 3.75 percent, people familiar with the matter said, asking not to be named because they’re not authorized to speak about it. Investor orders for the sale topped 6 billion euros, the people said. Barclays Plc, BNP Paribas SA, Citigroup Inc and JPMorgan Chase & Co. and Nomura Holdings Inc are the bookrunners for the bond.
8 Φεβρουαρίου 2018, 12:19 μ.μ. EET Updated on 8 Φεβρουαρίου 2018, 4:52 μ.μ. EET
Country to price seven-year bonds to yield-hungry markets
Debt relief discussion and a new monitoring scheme to come
Bloomberg
Greece will sell 3 billion euros ($3.7 billion) of seven-year bonds in another step toward exiting a bailout program in August that has kept the nation afloat.
The offer for the 2025 notes will price to yield 3.5 percent, inside an initial target of about 3.75 percent, people familiar with the matter said, asking not to be named because they’re not authorized to speak about it. Investor orders for the sale topped 6 billion euros, the people said. Barclays Plc, BNP Paribas SA, Citigroup Inc and JPMorgan Chase & Co. and Nomura Holdings Inc are the bookrunners for the bond.
Thursday, January 11, 2018
Hedge Fund Sees Juice in Greek Rally as Yields Hit 2006 Low
By Todd White and Sid Verma
9 Ιανουαρίου 2018, 3:59 μ.μ. EET Updated on 9 Ιανουαρίου 2018, 6:43 μ.μ. EET
Convergence trade remains favorite of Algebris Investments
Borrowing costs drop as traders eye recovery, end of bailout
One of Western Europe’s most dramatic bond-convergence trades this decade -- Greece over Germany -- looks like it will reward investors yet again in 2018.
London hedge fund Algebris Investments is among those betting economic momentum will take the country’s borrowing costs even closer to Germany’s after the Mediterranean country’s 10-year yield spread narrowed by about 44 basis points this month alone. Algebris says it may shrink by as much as 75 basis points.
Thursday, July 20, 2017
Yes Greece Can
by Marcus Ashworth
Bloomberg
July 19, 2017 8:08 AM EDT
Greece's hopes of returning to the debt markets after a three-year absence have been held up by one of its main creditors, the International Monetary Fund.Under the strict conditions of its bailout, the country's debt burden is still too high to contemplate selling more debt, according to the IMF. But there is a compromise option, which Greece should pursue.The Hellenic Republic had been laying the groundwork to issue as much as 4 billion euros ($4.6 billion) in five-year bonds after repaying 6 billion euros of its existing debt this week. But the funds to pay down that debt came from the European Stability Mechanism, so Greece's overall debt hasn't been reduced, simply extended.The IMF's opposition to issuing new debt doesn't stop Greece from shuffling its debt stack by lengthening maturities.
Labels:
Austerity measures,
Bonds,
Greek Crisis,
SYRIZA,
Third Memorandum
Wednesday, July 19, 2017
Greek Bond Sale Is Said to Be Delayed by IMF Debt Cap Rule
By Viktoria Dendrinou and Nikos Chrysoloras
19 Ιουλίου 2017, 12:43 π.μ. EEST 19 Ιουλίου 2017, 11:48 π.μ. EEST
Bloomberg
Greece’s much anticipated return to bond markets this week has been held off partly due to a ceiling set by the International Monetary Fund on the amount of debt the country can hold, according to three officials familiar with the matter who asked not to be identified as the talks are confidential.
Labels:
Bonds,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
Thursday, June 29, 2017
Greece Gets Investor Thumbs Up on Possible Return to Bond Market
By Sotiris Nikas and Anchalee Worrachate
29 Ιουνίου 2017, 5:04 π.μ. EEST
A new issuance in the second half looks increasingly possible
Government is in contact with investors to test the waters
Bloomberg
If Greece returns to the bond market this year, Mark Dowding would be a buyer.
“We have been bullish on Greece over the past year or so,” said the partner and portfolio manager at BlueBay Asset Management in London, which owns some long-dated Greek bonds. “We’ve also formed the view that lenders would remain committed to helping Greece. I feel relatively confident that Greece will be returning to market in the second half of this year.”
29 Ιουνίου 2017, 5:04 π.μ. EEST
A new issuance in the second half looks increasingly possible
Government is in contact with investors to test the waters
Bloomberg
If Greece returns to the bond market this year, Mark Dowding would be a buyer.
“We have been bullish on Greece over the past year or so,” said the partner and portfolio manager at BlueBay Asset Management in London, which owns some long-dated Greek bonds. “We’ve also formed the view that lenders would remain committed to helping Greece. I feel relatively confident that Greece will be returning to market in the second half of this year.”
Labels:
Austerity measures,
Bonds,
Greek Crisis,
SYRIZA,
Third Memorandum
Wednesday, October 19, 2016
Saudi Arabia to Offer International Investors $17.5 Billion in Bonds
Gulf countries are increasingly raising funds through international markets
The Wall Street Journal
By NICOLAS PARASIE and CHRISTOPHER WHITTALL
Oct. 19, 2016 7:27 a.m. ET
0 COMMENTS
DUBAI—Saudi Arabia plans to raise up to $17.5 billion by selling bonds for the first time to international investors this week, two people aware of the transaction said Wednesday.
The kingdom also tightened its pricing guidance for the potential multi-tranche issue, which along with the estimated issue size reflects a strong appetite for the potential issue, bankers say.
For the five-year tranche, Saudi Arabia said it would pay around 140 basis points above U.S. Treasurys, compared with an initial guidance of around 160 basis points above U.S. Treasurys.
The Wall Street Journal
By NICOLAS PARASIE and CHRISTOPHER WHITTALL
Oct. 19, 2016 7:27 a.m. ET
0 COMMENTS
DUBAI—Saudi Arabia plans to raise up to $17.5 billion by selling bonds for the first time to international investors this week, two people aware of the transaction said Wednesday.
The kingdom also tightened its pricing guidance for the potential multi-tranche issue, which along with the estimated issue size reflects a strong appetite for the potential issue, bankers say.
For the five-year tranche, Saudi Arabia said it would pay around 140 basis points above U.S. Treasurys, compared with an initial guidance of around 160 basis points above U.S. Treasurys.
Tuesday, September 22, 2015
Greek Vote Spells Investor Opportunity
Alexis
Tsipras’ Greek election win could spell further gains for the country’s
high-yielding government bonds
The Wall
Street Journal
By RICHARD
BARLEY
Sept. 21,
2015 9:29 a.m. ET
Alexis
Tsipras’ political gamble in calling new elections in Greece has paid
off, returning his Syriza party to government. Buying Greek bonds also
represents a gamble, but a potentially attractive one.
Thursday, April 9, 2015
Swiss, Mexican Bond Deals Represent Milestones for Debt
The Wall Street Journal
By EMESE
BARTHA in Frankfurt, CHIARA ALBANESE in London
and ANTHONY HARRUP in Mexico City
Updated
April 8, 2015 9:10 p.m. ET
62 COMMENTS
Until
Wednesday, no country had ever sold 10-year debt that gives investors a yield
of below 0%. And no country had ever issued a 100-year bond denominated in
euros.
Tuesday, December 9, 2014
Greek Government Bonds Drop as Presidency Vote Brought Forward
By David
Goodman Dec 9, 2014 11:27 AM GMT+0200
Bloomberg
Greek bonds
fell, with the nation’s 10-year yield climbing the most in almost six weeks,
amid speculation that early Presidential elections will trigger renewed
political turmoil.
German
bunds advanced, with the nation’s 30-year yield dropping to a record low on demand
for the safest assets as stocks and crude oil tumbled. Greek Prime Minister
Antonis Samaras yesterday brought forward the process of choosing a new head of
state to this month, a move that risks triggering parliamentary elections in
the nation, which returned to the bond market this year. Anti-bailout group
Syriza, which currently leads in opinion polls, welcomed the announcement.
Friday, October 10, 2014
Greek Bond Investors Look to Confidence Vote for Respite
By Nikos
Chrysoloras and Antonis Galanopoulos Oct
10, 2014 11:14 AM GMT+0300
Bloomberg
After a
monthlong rollercoaster for Greek government bonds and stocks, the country’s
lawmakers are poised to give investors a brief respite.
Tuesday, September 16, 2014
Ratings upgrade subdues Greek yields, Irish supply eyed
Mon Sep 15, 2014 11:56am EDT
Reuters
* Investors
buoyed by S&P ratings lift
* PM
Samaras says Greece
will not need third bailout
* Fed
meeting, Scotland
vote pose volatility risks
* Spain 's bonds claws
back ground after torrid week (Updates prices, adds analyst comment)
By John
Geddie
Friday, May 16, 2014
Peripheral bonds deepen losses amid Greek tax and political fears
BY JOHN GEDDIE
LONDON Fri May 16, 2014 4:56am EDT
May 16
(Reuters) - Lower-rated euro zone bond prices slipped on Friday, deepening
sharp falls on Thursday triggered by nervousness about the stability of the
Greek government, a tax on foreign holders of Greek bonds, and weak growth.
Greece: Tax on Foreign Holders of Bonds Won't Be Imposed Retroactively
Greek
10-Year Yields Spiked By More Than Half a Percentage Point to 6.72%, Highest in
Seven Weeks
The Wall Street Journal
By MATINA STEVIS
May 15, 2014 11:45 a.m. ET
LONDON—The
Greek finance ministry said Thursday a tax on foreign holders of Greek bonds
that had caught investors' attention wasn't being imposed retroactively.
Friday, April 11, 2014
Rally expected in new Greek bonds when trade begins
(Reuters) -
Yields on Greece 's
new five-year bonds, sold in the bailed-out country's return to markets after a
four-year absence, were expected to fall below the sale price when they began
trading on Friday.
Banks
managing the sale said the bonds had already begun trading over-the-counter at
yields below the 4.95 percent at which they were sold, although market
participants were reserving their verdict on the deal until prices appeared on
trading screens. That is expected to take place on Friday but depends on when
the bonds are released to those who bought them.
Thursday, April 10, 2014
Greek Bond Sale Said to Top $4 Billion in Market Return
By Marcus
Bensasson and Hannah Benjamin Apr 10,
2014 12:20 PM GMT+0300
Bloomberg
The order
book for the issue, which carries a coupon of 4.75 percent, exceeded 20 billion
euros, said the person, who asked not to be identified because he isn’t authorized
to speak about it. A Greek government official told reporters in Athens yesterday that Greece sought to raise 2.5 billion
euros in the five-year bond issue.
Monday, March 31, 2014
Dijsselbloem Says Further Greek Aid May Include Extending Loans
By Corina
Ruhe Mar 31, 2014 12:42 AM GMT+0300
Bloomberg
Dutch
Finance Minister Jeroen Dijsselbloem said Greece ’s international creditors
will decide after the summer on possible further aid, including extending the
maturity of existing loans.
Tuesday, March 18, 2014
Greek Bonds Lead Euro-Area Periphery Rally on Recovery Optimism
By Neal
Armstrong and Lukanyo Mnyanda Mar 18,
2014 6:24 PM GMT+0200
Bloomberg
Ten-year
bonds rose for a second day after Infrastructure Minister Michalis
Chrisochoides said Greece
will probably sell securities before May. Greece reached an agreement with
its creditors after a review of its adjustment program, a European Union
spokesman said. Athens-based Piraeus Bank SA (TPEIR) sold non-investment grade
debt. German bunds erased a gain as President Vladimir Putin said Russia won’t further split up Ukraine ,
damping demand for the euro area’s safest assets.
Monday, March 17, 2014
Portuguese Bonds Advance With Italy, Spain After Crimea’s Vote
By Lukanyo
Mnyanda and Neal Armstrong Mar 17, 2014
6:30 PM GMT+0200
Italian and
Spanish securities also gained even as the U.S.
and the European Union condemned the referendum and imposed sanctions on
individuals in Russia .
Greek bonds advanced as the nation was said to be approaching agreement with
its creditors. German 10-year bunds, which rose last week by the most since
September, declined. Portugal ’s
bonds have also been supported as the nation moves toward exiting a bailout
program.
Tuesday, March 11, 2014
Beware Greeks Selling Gifts as EU Frets: Euro Credit
By Nikos
Chrysoloras and Marcus Bensasson Mar 10,
2014 1:35 PM GMT+0200
Bloomberg
The European Commission, the European Central
Bank and the International Monetary Fund have expressed a view that the Greek
government may repeat past mistakes if it manages to slip the shackles of its
bailout program
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