Successful high-yield bond issue

In a very carefully planned bond issue, the first after the end of the bailout programs in August 2018, the Greek state drew 2.5 billion euros on Tuesday, making the most of the currently favorable market conditions.

The new bond has a five-year maturity, expiring on April 2, 2024, a yield of 3.6 percent and a coupon of 3.45 percent, with bids exceeding 10 billion euros.

Although the issue is seen as good by Greek standards, with the Public Debt Management Agency achieving a much better yield than previous issues, it shows that a full return to the markets will by no means be an easy proposition for Greece. The cost of borrowing for Greece is eight times higher than Portugal's (which stands at 0.47 percent), 16 times higher than Spain's (0.23 percent) and more than twice Italy's (1.55 percent). This shows a 10-year bond issue - which would signal that Greece is back to...