GREECE LIGHTNING Athens is expected to launch a bond sale this week, ending a three-year absence from the market. It's under pressure to prove it has access to capital markets before its current bailout programme ends next year. Now is as good a time as any: a two-year stand-off with creditors has just ended, unlocking €8.5bn of loans and sparking a rally in the country's outstanding debt. But the bond sale, probably of five-year paper, faces some challenges. Greece remains a junk credit for all the major agencies, relief on its €300bn debt pile remains elusive, and the country's sovereign bonds still aren't eligible to be bought under the European Central Bank's quantitative easing programme. What kind of coupon will investors demand to offset those risks?
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