Greece to tap capital markets again in 2018, according to the budget

The Greek 2018 state budget tabled on Tuesday night in Parliament foresees that the country will return to capital markets next year to strengthen liquidity in the secondary bond market and to create a representative benchmark bond yield curve, along with creating adequate cash reserves for normal funding operations exclusively from the international and domestic capital markets after the end of the current programme.

The budget plan envisages, among others, a new series of bond issues of fixed interest, along with completion of a bond swap programme this month, in the framework of a programme to manage existing debt portfolio liabilities based on the model of a recent successful issuing of a new five-year bond and a bond exchange plan, both in August 1, 2017.

The Greek state’s borrowing needs in the first half of 2017 were mostly covered by short-term domestic borrowing, monthly issues of Treasury bills of three- and six-month duration and repos. The country also received an installment of 8.5 billion euros from the ESM, and expects the disbursement of 5.5 billion euros after completion of the third review of the programme.

Source ANA-MPA
You might also like
Comments