Greece goes to markets with 7-year bond

It hopes to raise €2.5 billion

Greece has hired banks to sell a new seven-year bond as the nation once at the centre of the eurozone crisis moves to take advantage of investors’ thirst for euro-denominated debt.

The country has mandated six banks to handle the transaction, according to a filing with the Athens stock exchange. The filing said it would be a “benchmark” issuance, meaning Greece plans to raise at least €1bn.

Some sources say Athens hopes to raise as much as €2.5 billion to meet the annual target of € 7 billion, as well as attracting “high-quality” investors.

According to the IFR, the offer book opened a while ago, according to the agency, the first estimates for the title estimate a 2.1% yield.

Plans for the bond sale, which Greece expects will take place “in the near future” and “subject to market conditions”, comes after the country earlier this year sold its first five- and 10-year benchmark bonds since its exit from a series of painful bailouts from the EU and IMF.