Ten-year bond issue after nine years taps into improved climate

Greece is set to issue its first 10-year bond in nine years on Tuesday, in an effort to capitalize on the significant improvement in the climate for Greek assets as well as Moody's two-notch credit rating upgrade last Friday.

The Public Debt Management Agency announced on Monday that three US and three European banks had been appointed to be the joint lead managers of the issue: They are BNP Paribas, Citi, Credit Suisse, Goldman Sachs, HSBC and JP Morgan.

The PDMA statement spoke on Monday of an issue to take place "in the near future," depending on conditions in the markets, but Kathimerini understands the offers book will open today with the aim of raising about 2 billion euros, close to the amount drawn with the recent five-year bond issue. As was the case with that note, the PDMA intends to draw quality bids, with a long-term horizon, and will tread carefully,...