Holders of 20 different bonds with an aggregate principal amount of around EUR25 billion, issued as part of Greece's 2012 debt restructuring, have agreed to swap them for five new benchmark issues
. The participation rate of close to 86% suggests the exchange will achieve its aim of improving liquidity in Greek sovereign bonds, supporting future market access.
are usually a minimum of $500 million.
are usually USD500m or more, the report noted.
A"Borrowing in 2008 is mainly to finance amortisations, provide benchmark issues
, and maintain a level of government debt necessary for monetary policy purposes,A" said Standard and Poor's credit analyst Farouk Soussa.
Fourthly, recognizing the importance of setting longer-term government bond yield as the benchmark interest rate, the government has been committed to shifting its benchmark issues
to 5-year KTBs, by increasing the proportion of annual 5-year KTB issuance.