Greece debt exchange opens door for threes and sevens in 2018
Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans. The fresh curve should allow the borrower to return to capital markets twice in 2018.
Take-up of the €29.7bn bonds offered in Greece’s debt swap exercise was around 86%. The old strip comprised 20 bonds covering maturities from 2023 to 2042 and is being replaced with five larger bonds maturing in 2023, 2028, 2033, 2037 and 2042.Bank of America Merrill Lynch,
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org