Bond re-issue more than five times oversubscribed

The reopening of a 10-year Greek bond issue was more than five times oversubscribed during an auction held on Wednesday. 

The Public Debt Management Authority said that bids totaled 1.7 billion euros, significantly up from the €300 million asked. 

The interest rate of the issue was set at 4.31%, slightly above the 4.25% of the bond's coupon, but down from a 4.4% yield in the electronic secondary bond market. 

The latest issue covers around 90% of this year's borrowing program by the Greek state. 

Greece has raised around €6.3 billion from the markets so far this year, against an original target of €7 billion this year.