Greek bond sale declared a success with near-zero yield

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ATHENS, Greece (AP) — Greece’s finance minister said the country raised 3 billion euros ($3.6 billion) in a 5-year bond auction Wednesday at a record-low, near-zero yield.

Details of the sale were to be announced later by Greece’s Public Debt Management Agency, but state-run media said demand for the bond exceeded 20 billion euros ($24 billion) and the yield was 0.2%.

In a tweet, Finance Minister Christos Staikouras described the auction result as a “vote of confidence from international investors.”

Demand for Greek debt has remained high despite the impact of the pandemic that pushed the country back into recession last year with an 8.2% contraction of gross domestic product.

Greece moved closer to investment grade last month after Standard & Poor’s upgraded its sovereign rating to BB from BB- with a positive outlook.

In March, Greece raised 2.5 billion euros ($3 billion) in a 30-year government bond sale with a yield just below 2%.

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