The Phaserl


The Greek Bond Sale Stunt

by Pater Tenebrarum,

The ‘Great Stretch’

Last week the Greek government celebrated its return to the bond market, selling 3 billion euros in five-year bonds at a yield of 4.95 percent. Reportedly there was great demand for the issue, which should be no surprise given the current propensity of investors to buy all sorts of junk debt as long as it yields more than just a smidgen.

Reuters report on the backdrop that made this successful auction possible:

“Call it the Great Stretch. Two years ago, Greece’s debt crisis almost brought the euro zone crashing down. Now European partners are preparing to ease Athens’ debt burden without writing off their loans but by stretching them out into the distant future, extending maturities from 30 to 50 years and further cutting some interest rates, EU officials say.

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