Greece borrowed 3 billion euros through the issuance of 10-year bonds with an interest rate of 1.8%.

Greece raised 3 billion euros at an interest rate of 1.8% in the process of building the order book for a 10-year bond issue, which was completed early Wednesday morning.

Greek Finance Minister Christos Staikouras, commenting on the results of the first 2022 bond issue, said the issue’s interest rate was “particularly satisfactory given the conditions prevailing in international markets.”

“Despite this difficult situation, Greece borrowed at less than half the cost of a similar issue in March 2019, when the interest rate was set at 3.9% and the spread between Greek and German benchmark bonds narrowed significantly, as compared with the level that existed before the pandemic and the level that prevailed at the beginning of 2019,” the Ministry of Finance said in a statement.

It is reported that the offers placed in the process of forming the bond portfolio exceeded 15 billion euros. The final interest rate was set at a premium of 1.4% above the base interbank market rate.

In the interbank market, the yield on 10-year bonds was set at 1.66% from 0.89% last June, when the Greek Ministry of Finance announced the reopening of the issuance.

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