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Classics Greece with first 30-year bond auction since financial crisis

09:50  17 march  2021
09:50  17 march  2021 Source:   spiegel.de

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 watches by Sylvester Stallone, Paul Newman, Steve McQueen & Co. in the auction: What are the stars' timepieces worth? Watch Auction © Courtesy of Phillips Watch by Paul Newman: Racing Pulse Auction Phillips Watches from the stars in the auction: Sylvester Stallone, Steve McQueen, Andy Warhol, John Lennon and Paul Newman auction their watches It stayed for years an unsolved riddle: where did Paul Newman's famous watch go? The actor (today he works as an entrepreneur in the food industry) has been repeatedly photographed with his Rolex "Cosmograph Daytona" ; a gift from his wife Joanne Woodward.

For investors, Greek bonds have already delivered. In the past year alone, they have returned around 18%, making them the best performers in the region, according to Bloomberg Barclays Indices. Greece currently has a cash buffer of 30 billion euros (.7 billion), which means that it’s not in an For Mediolanum fund manager Charles Diebel, the sale means Greece is now “back in the game.” He was put off from buying Greek bonds after staying in Athens during the euro-area crisis in the same hotel as representatives of the institutions that imposed stringent austerity on Greece in return for bailouts.

ATHENS, Greece (AP) — Greece has raised money on international bond markets for the first time since emerging from its bailout programs last summer, getting 2.5 billion euros (.87 billion) Tuesday in a five- year bond auction . Finance Minister Euclid Tsakalotos announced the results of the auction in parliament, ahead of the formal statement by the country's Public Debt Management Agency. The bond auction resulted in a yield of 3.6 percent on the bonds and a coupon below 3.5 percent. Tsakalotos said the bond issue covers 36 percent of the country's financing requirements for the year .

(Bloomberg) - Greece is expected to issue a 30-year bond on Wednesday for the first time since 2008. The former crisis state is thus completing its return to the capital market.

The Hellenic state sells its 30-year bonds through banks and offers investors an opportunity to achieve some of the highest returns in the euro zone. Greece follows other European countries to take advantage of low interest rates to fund its pandemic stimulus plan.

The transaction shows how far Greece has come in the last ten years. At the height of the euro debt crisis in 2012, 10-year yields were over 44% and the country was cut off from international markets. Now 10-year-olds are paying below 1%, which allows the government to try its hand at the long end of the yield curve again.

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Finance Minister Christos Staikouras described the bond auction as an indication that Greece is returning to normal.“One of the basic conditions so that the Greek economy can revert to normality is the systematic, good-quality, and low-cost financing of the country by the international markets And in January 2020, following an upgrade of Greece ’s rating by credit ratings agency Fitch to BB – two notches away from investment grade – Athens issued its longest-dated bond since the financial crisis . The 15- year bond sale was received by investors with the highest level of demand since its

"Today's 15- year Greek government bond issue, the first after 10 years of crisis , is a success for the Greek economy and the country," he said. "It's a vote of confidence from international markets in the country's economic policy and prospects." Despite a sharp drop in recent months, Greek borrowing Police in Minneapolis on Thursday released body-camera video from a traffic stop one night earlier that ended with a man shot dead, an extraordinarily quick move aimed at stemming public anger over the city's first police-involved death since George Floyd died while being restrained by officers in May.

“This sale of Greek bonds symbolizes the nation's rehabilitation,” said Alexandros Malamas, a trader at Piraeus Securities in Athens.

Greek bond yields have tumbled since the heady days of the debt crisis © Bloomberg Greek bond yields have tumbled since the heady days of the debt crisis

For investors, Greek bonds have already delivered. In the past year alone, they achieved a return of around 18%, making them the best performers in the region according to Bloomberg Barclays Indices.

Greece has a cash buffer of 30 billion euros and therefore has no short-term funding needs. Still, the government wants to increase its reserves as the economic consequences of the pandemic are greater than expected.

Trading in Greek bonds remains thin, however. Data from the Greek central bank show that turnover in the secondary securities market (HDAT) was 2.6 billion euros last month. The peak in September 2004 was 136 billion euros. Therefore, syndication is a rare opportunity for investors to get hold of Greek securities in the first place.

BNP Paribas SA, Goldman Sachs Group Inc., HSBC Holdings Plc, JP Morgan Chase & Co. and the National Bank of Greece SA are acting as joint lead managers for the deal.

Original title of the article:

Greece Tries First 30-Year Debt Sale Since 2008 Financial Crisis

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"Super Mario Bros". A cartridge of the game sold 660 000 euros, a record .
© Yagamichega / Wikimedia Commons A cartridge of the game Super Mario Bros in a NES console. A copy of the video game "Super Mario Bros. For the NES console has been sold for $ 660,000 on Friday, April 2 at an auction in the United States. This cartridge, bought for a Christmas present in 1986, had never been opened. is a record: a cartridge of the game "Super Mario Bros.

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