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  • Successful bond swap key for Greece’s return to markets

    Among the bondholders who opted to participate in the swap were Greek private banks, insurance funds, and international investors.

    ΤοΒΗΜΑ Team

    With over 80 percent of Greek bondholders participating in the swap of twenty 2012 bonds for five new ones, the government deems as successful its first important step for a return to the markets.

    Among the bondholders who opted to participate in the swap were Greek private banks, insurance funds, and international investors.

    The final announcements will be made today by the Public Debt Management Agency.

    Most of the 29.7 billion euros of the original bonds, which were issued in the context of the 2012 debt write-down with private sector involvement (PSI), were held by hedge funds.

    It should be noted that all investment houses that took a position on the swap favoured the move, a fact that is believed to have contributed to the high degree of participation.

    Though the swap will not bring additional revenues to the public coffers, it is considered to be of the utmost importance for Greek bonds, as the high rate of participation by investors signals a normalisation of the Greek economy.

    The Financial Times noted that the completion of the swap is a significant step toward Greece’s planned return to the markets early next year.

    Bonds that would come to maturity between 2023 and 2042 were replaced with five new bonds, with a five, 10, 15, and 25-year maturity.

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