Greece smiles on top of deficit mountain

Greece shrugged off negative rating agency comment and a huge rise in its reported budget deficit to issue a Eu7bn 15 year bond this week, achieving a book of Eu11bn and orders from 200 accounts. The deal was priced at mid-swaps plus 142bp compared with initial guidance of 145bp area. Otherwise, both dollars and euros are quiet for sovereigns and agencies with the Spanish bail-out agency expected to issue next week and France’s Unedic the week after. Read EuroWeek on Friday for coverage of the seven syndicated deals from Greece this year and any updates on forthcoming deals