Prime Minister Kyriakos Mitsotakis welcomed the issuance of a 10-year bond in an article published on social media on Wednesday.

At Twitter, the Greek Prime Minister wrote in English: “Another sign of confidence in the Greek recovery and our long-term prospects.

“Today, we issued a 10-year bond with a yield of around 0.9%,” Mitsotakis explained, adding: “The country is borrowing at record interest rates”.

Capital markets offered another vote of confidence in the Greek economy as the reopening of a 10-year bond issue by Greek authorities drew € 26 billion in bids on Wednesday.

The issue’s interest rate, as Mitsotakis said, was set at 0.92% (Mid Swap + 82 basis points), compared to 1.0% initially.

Greece on Wednesday opened the book-building process for the reopening of a 10-year bond issue, due June 2031 and initially issued on January 27 of this year.

The Mediterranean country seeks to raise 2.5 billion euros on the capital markets.

BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan and Nomura are the underwriters of the syndicated issue.

Greece has raised 8.5 billion euros through bond issues so far this year – 3.5 billion at 10 years, 2.5 billion at five years and 2.5 billion at 30 years.

Deputy Finance Minister Theodoros Skylakakis also commented on the Greek economy on Tuesday during his address to the fifth Greco-German Economic Forum “Growth Vision – Conical Investments” organized by the Greco-German Chamber.

“We have faced the pandemic with bravery and the economic results are better than expected, so we now look forward to an important [post-pandemic] recovery, ”he said.

Skylakakis said Greece had experienced a weaker recession than expected by international organizations, while labor market developments were also better than expected.

These results, he explained, were based on exports, industrial production, investments and a smaller-than-expected reduction in consumption.

These figures create reasonable expectations of a significant post-pandemic recovery that will include “postponed” household and investment consumption, Skylakakis mentionned.

He also underlined the substantial contribution of the economic policy which aims at a change of the production model of Greece.

READ MORE: Mitsotakis: The economy is heading for a very rapid recovery.

Source link