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Forumer attivo
Uno stralcio di un articolo su Ekathimerini nel quale, circa a metà, si fa riferimento alle necessità di rifinanziamento per quest'anno ed al debito già allocato, e sul finire, le aspettative di ridurre lo spread con il bund decennale ai 250 pb.
With Greece ready to take its borrowing program on the road, the country’s stubbornly high funding costs are frustrating government officials.
Greece is preparing a roadshow ahead of plans to issue a global US dollar-denominated bond in late April or early May, according to the head of the Public Debt Management Agency (PDMA), Petros Christodoulou. He stopped short of saying how much Greece is aiming to borrow in that period.
Greece, with total borrowing needs of 53.2 billion euros this year, faces a refunding hump in April and May as it rolls over maturing bonds, T-bills and pay coupons that are to come due.
So far this year, Greece has raised about 23 billion euros via T-bills, a private placement and syndicated bond issues.
Confidence in Greece as a borrower, however, has been shaken by the impact of the global crisis on growth and the country’s budget, with the premium investors demand to hold Greek government paper instead of German benchmark Bunds rising to 350 basis points yesterday.
Faced with high borrowing costs, the government has said it will seek to broaden the investor base for its bonds and tap global markets.
News of a global bond comes as Greek officials are registering frustration that the country’s debt costs remain dangerously high despite budget cuts and the EU’s promise of support in case of a threatened insolvency.
At over 6 percent, the yields on 10-year Greek bonds remain at more than double what the German government pays on its own debt.
“There is some frustration that spreads on Greek bonds remain stubbornly high,” a senior government official was cited as saying by Dow Jones Newswires. The official explained that markets apparently are waiting for the government to come through with fiscal austerity plans.
These comments underscore government concerns that the high premiums investors continue to demand could swell debt-servicing costs and thwart other efforts to rein in fiscal deficits.
“We are doing everything we can from our end to calm the markets down,” Christodoulou told Bloom-berg Television in an interview. “We are doing the best we can to fund early, to reduce the uncertainty surrounding our market.” Christodoulou said he wants the nation’s 10-year bonds to yield about 250 basis points over Germany by the end of European summer and a “low 200” basis-point spread to Bunds by the fourth quarter.
With Greece ready to take its borrowing program on the road, the country’s stubbornly high funding costs are frustrating government officials.
Greece is preparing a roadshow ahead of plans to issue a global US dollar-denominated bond in late April or early May, according to the head of the Public Debt Management Agency (PDMA), Petros Christodoulou. He stopped short of saying how much Greece is aiming to borrow in that period.
Greece, with total borrowing needs of 53.2 billion euros this year, faces a refunding hump in April and May as it rolls over maturing bonds, T-bills and pay coupons that are to come due.
So far this year, Greece has raised about 23 billion euros via T-bills, a private placement and syndicated bond issues.
Confidence in Greece as a borrower, however, has been shaken by the impact of the global crisis on growth and the country’s budget, with the premium investors demand to hold Greek government paper instead of German benchmark Bunds rising to 350 basis points yesterday.
Faced with high borrowing costs, the government has said it will seek to broaden the investor base for its bonds and tap global markets.
News of a global bond comes as Greek officials are registering frustration that the country’s debt costs remain dangerously high despite budget cuts and the EU’s promise of support in case of a threatened insolvency.
At over 6 percent, the yields on 10-year Greek bonds remain at more than double what the German government pays on its own debt.
“There is some frustration that spreads on Greek bonds remain stubbornly high,” a senior government official was cited as saying by Dow Jones Newswires. The official explained that markets apparently are waiting for the government to come through with fiscal austerity plans.
These comments underscore government concerns that the high premiums investors continue to demand could swell debt-servicing costs and thwart other efforts to rein in fiscal deficits.
“We are doing everything we can from our end to calm the markets down,” Christodoulou told Bloom-berg Television in an interview. “We are doing the best we can to fund early, to reduce the uncertainty surrounding our market.” Christodoulou said he wants the nation’s 10-year bonds to yield about 250 basis points over Germany by the end of European summer and a “low 200” basis-point spread to Bunds by the fourth quarter.
