Bond valuation

The passive management of the social security system's reserves has led to large losses.

If the reserves of the funds had been invested in the two mutual funds managed by the now-defunct Social Security Foundation (IKA) from 2002, when the law first allowed for more active management, the return would have been 18.5 billion euros, despite the bond haircut during the debt crisis.

Armed by the surprise move from Standard & Poor's last Friday, upgrading Greece's outlook to "Positive," the Public Debt Management Agency is on Wednesday set to make its second major market foray for 2024, with a new 30-year bond.

The yield of the Greek 10-year bond stood at 3.52% from 3.44% yesterday compared to 2.46% of the corresponding German bond

Greece on Wednesday successfully auctioned the reopening of a five-year bond at a significantly lower cost.

The Public Debt Management Authority (PDMA) auction attracted bids of 1.086 billion euros, significantly higher than the requested sum of €250 million, and the yield of the issue was set at 2.72%.

Romania, through the Ministry of Finance, launched on April 7 this year's first issue of Eurobonds that attracted 3.5 billion euros on the international capital markets, which enjoyed a special interest from investors, according to a press release of the Ministry of Finance, sent on Thursday to AGERPRES.

The Turkish Treasury borrowed 4.47 billion Turkish liras ($600 million) from domestic markets through two auctions held on March 16. 

Some 1.8 billion Turkish liras ($240 million) in two-year Fixed Coupon Bond (semiannually, re-open, the fifth issue) were up for auction that will be settled on Wednesday with a maturity date of Nov. 9, 2022, the Treasury and Finance Ministry said.

Ljubljana – Slovenia issued on Tuesday a new 10-year bond of EUR 1.75 billion and extended the existing 30-year bond issue by another EUR 250 million. This is the first time it issued a bond with a negative yield to maturity. “For the first time in its history Slovenia issued today a long-term bond with a negative yield to maturity,” the Finance Ministry said.