Greece eyes bond issues up to 7 bln euros in 2019

    Source: Xinhua| 2018-12-25 02:49:25|Editor: ZX
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    ATHENS, Dec. 24 (Xinhua) -- Greece intends to tap the global money markets for 3 to 7 billion euros (3.42-7.98 billion U.S. dollars) next year, according to the Financing Strategy for 2019 published on Monday by the country's Public Debt Management Agency (PDMA).

    The plan also refers to the so-called cash buffer which is calculated at 26.5 billion euros in September 2018; this is to be used as a safety cushion in case market conditions do not favor the country's financing.

    It further states that the stock of treasury bills will remain at approximately 15 billion euros through the rollovers scheduled for next year.

    The 2019 financing plan of the agency offers significant flexibility as it contains three scenarios, depending on the cash reserves to be utilized next year and the amount obtained from state asset utilization.

    The first scenario, that the PDMA appears not to favor as it states its preference for the other two, provides for drawing 3 billion euros from the markets, for withdrawing 5 billion from the cash buffer and for zero receipts from privatizations.

    The second includes drawing 5 billion euros from the issue of bonds, the reduction of the T-bill stock by 800 million euros of the cash reserves by 2.4 billion euros, as well as the collection of 1.4 billion euros from state asset utilization.

    The last scenario anticipates the sale of 7 billion euros' worth of bonds, the decrease of the T-bill sum by 1.5 billion euros and of the cash reserves by 1.1 billion euros, and the collection of 1.4 billion euros from privatizations.

    Greece was shut out of international markets in 2010 and entered three bailout programs to ease its return to global market credit. Its latest bond issue has been a seven-year bond in February 2018, worth 3 billion euros at a yield of 3.50 percent.

    The secondary-market interest rate of Greece's benchmark 10-year bond stood at 4.39 percent on Monday at 0909 GMT. (1 euro = 1.14 U.S. dollars)

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