Greece sets initial price thoughts on euro benchmark
LONDON, April 9 (IFR) - Greece has set initial price thoughts on a new five-year euro benchmark at 5% to 5.25% yield, according to a lead manager.
Indications of investor interest are in excess of EUR11bn according to a source, and official guidance will be announced at the London open on Thursday. The EUR11bn shadow book includes EUR1.3bn of joint-lead manager interest.
The US order book will close at the end of today although US accounts will be able to amend orders after guidance is announced in the morning.
The sovereign has hired Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs International, HSBC, JP Morgan and Morgan Stanley to arrange the transaction.
Greece is rated nine notches below investment grade at Caa3 by Moody's. Standard and Poor's and Fitch rank Greece six notches below investment grade at B-. (Reporting by Helene Durand; Editing by Sudip Roy)
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