Greece set to raise 3bn five-year bond at 4.95% yield

Thu Apr 10, 2014 4:22am EDT

LONDON, April 10 (IFR) - Greece is set to price a new 3bn five-year issue, its first since it was bailed out, at a 4.95% yield, tighter than initial price thoughts.

The order book for the bond, which will carry a 4.75% coupon, is in excess of 20bn from more than 550 investors.

Final terms came at the tight end of final guidance of 5% plus or minus 5bp and tight to initial price thoughts of 5%-5.25% released on Wednesday.

Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley are arranging the sale.

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 IFR reporters,; Editing by Helene Durand)

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