New market foray is likely in April unless tranche is delayed

April appears to represent a window of opportunity for the Public Debt Management Agency to make its next market foray. That will depend on developments over the prior actions for the disbursement of the 1 billion euros at Friday's Eurogroup as well as the international environment.

Although January's five-year bond and the 10-year bond issued in March mean the PDMA has already covered 71 percent of its borrowing program for 2019, the aim is to render Greece a regular issuer. Therefore the plan for the near future is either to reopen existing issues or launch a new note to draw some 2 billion euros.

Market sources say April is expected to be another "hot" month for the bond markets, and the sovereign notes of the eurozone periphery are in an advantageous position as conditions are very positive and there is demand for longer-maturity bonds. They add that they expect...