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Greece has offered 3-month bonds with a yield of -0.02% per annum

October 10, 2019 | Cbonds

Yesterday, Greece has raised EUR 487.5 million after placing bonds for a period of 13 weeks. For the first time in the history of the country, the yield on the offering price was in the negative zone, amounting to -0.02% per annum, demand exceeded EUR 1.018 million. In August, the yield on the equivalent issue reached 0.095% per annum.

At the same time, the country repaid 10-year bonds at EUR 1.5 billion with a yield of 1.5% per annum, which is significantly lower than the yield of the initial offering in March – then investors received 3.9% per annum.

Italy and Spain have recently joined the negative rates club. Demand for the bonds of the countries recently struggling with the debt crisis is supported by investors who are trying to find any positive yield in euro-denominated sovereign securities. According to the Financial Times, the investors expect the rates to be in negative zone for the next 7 years that is demonstrated by money market prices.

The Greek government expects that economic growth in 2020 will be 2.8%, the forecast holds up against the budget plan.

Peter Chatwell, an analyst at Mizuho International Plc said:
"Greece's offering of bonds with negative yields is evidence of the positive impact that negative interest rates and quantitative easing have on the debt sustainability of the countries. The side effects are considerable for banks and investors, but the possibility of offering securities with negative yields is a great advantage for borrower countries."

Issue: Greece, 3.875% 12mar2029, EUR

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingGreece03/12/20294,000,000,000 EURB1/BB-/BB-

Company: Greece

Full company nameGreece
Country of riskGreece
Country of registrationGreece


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