Greek euphoria fizzles out

January 27, 2010 12:00 am

Greece paid a 30bp concession to outstanding GGBs for its new Eu8bn five year but as of Wednesday the deal had failed to perform as equity markets and general volatility took centre stage. Despite a book of around Eu25bn, bankers question whether it was sufficiently solid to support the Eu8bn size. Meanwhile Cyprus is paying mid-swaps plus 125bp for a new 10 year to be priced tomorrow.

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