Tuesday, December 4, 2012
The Hellenic Republic announced yesterday an invitation to eligible bond holders to submit offers to exchange designated securities (together with accrued and unpaid interest thereon) for up to € 10 billion.
The invitation is subject to certain conditions and is designed to improve the country’s debt profile in furtherance of the November 27 Eurogroup statement.
The invitation is expected to expire at 5.00 p.m., London time, on December 7, 2012. The expected settlement date is December 17, 2012.
- Eurogroup Confidence Over Buyback Programme
Meanwhile, at a Eurogroup meeting that was held in Brussels, yesterday, Finance minister Yannis Stournaras briefed his counterparts on the details of the bond buyback programme. Discussions on the course of Greece’s programme and the disbursement of the bailout tranche were put off until the next Eurogroup meeting, on December 13, by which date the buyback will have been concluded.
Eurogroup President Jean-Claude Juncker and French Finance minister Pierre Moscovici expressed confidence that the buyback programme would succeed. Greek News Agenda: Agreement on Greece Reached at Eurogroup & Kathimerini: State bond buyback terms seen as favourable
