Greece may issue another new bond next month

Greece's next market foray with a new bond is possible as early as next month, according to estimates.

After the new 10-year bond in January raised 4 billion euros, plus around €1 billion raised in bond reissue auctions, the Public Debt Management Agency (PDMA) plans to raise around €3 billion further in new auctions by the end of year (one reopening every month except August and December), with €2 billion (at least) remaining to be raised through the issuance of a new bond.

PDMA's target is to raise up to €10 billion this year from the markets, while €5.15 billion have already been raised, meaning that 51.15% of the year's publishing activity has been covered before the end of the first quarter.

Timing is key

French bank Societe Generale estimates that a new 5-year bond will be issued in April, but it is certain that it will be issued by June, before...