Greece sold 8 billion euros ($11.3 billion) of bonds at premium yields to ensure the country’s first debt issue since being downgraded was a success.
The five-year securities had a coupon of 6.1 percent, the Greek Public Debt Management Agency said in a statement on its Web site after the bonds were priced today. The government received 25 billion euros in orders, after offering 0.3 percentage-point more yield than on the nation’s existing debt with similar maturities.
With this move, Greece successfully kicks the can down the road. Greece will need 6 more auctions like this to make it through the year (53 billion euros total). They are by no means free of danger.
