Business

Record low yield as new Greek gov't taps market

Wednesday, July 17, 2019

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ATHENS, Greece (AFP) — Greece's new conservative government placed seven-year bonds at a record-low yield yesterday in its first foray into the debt markets since its election earlier this month.

“I would like to congratulate the Public Debt Management Agency and the Ministry of Finance on the issuance of a 7-year bond at a record low yield of 1.9 per cent,” Prime Minister Kyriakos Mitsotakis said in a tweet.

“This is a vote of confidence in Greece's growth prospects,” he added.

The government was aiming to raise 2.5 billion euros and offers exceeded 12.5 billion euros, reports said.

Mitsotakis' new conservative government has made boosting slugging growth a priority, powered by tax cuts and accompanied by privatisation deals.

In March, under its previous leftist government, Greece had sold its first 10-year bond since the start of the country's decade-long economic crisis, raising 2.5 billion euros.

Greek borrowing costs have fallen sharply in recent weeks.


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