Greece builds colossal book

June 03, 2009 12:00 am

If size matters, then the Hellenic Republic has achieved something extraordinary this week — a Eu21bn book for its 10 year tap, which was launched with guidance of mid-swaps plus 185bp area. It was the largest book this year for a syndicated sovereign bond. After tightening guidance to 178bp, which represented a new issue premium of just 3bp, orders continued to flood in, allowing the borrower to issue Eu8bn, the largest syndicated sovereign bond since 2004. Read EuroWeek on Friday for reactions to a week of firsts in the SSA market

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