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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPREVIEW: Greece 5y tap (1/2)
- Greece will come to the market in the "near future" to hold a syndicated tap of the 2.00% Apr-27 GGB. We expect the transaction to take place tomorrow.
- This will be the second transaction of the year and we had noted in the "MNI April/May Eurozone Issuance Deep Dive" that we expected either a 5-year or 10-year transaction to take place soon.
- We had thought that the PDMA might prefer to launch a new 5-year GGB rather than tap and existing GGB. However, we note that there is only E2.42bln outstanding of the 2.00% Apr-27 GGB and the coupon is not too far away from where the current yield.
- The 2.00% Apr-27 GGB was originally launched in April 2020 as a 7-year GGB with E2.0bln sold via syndication. A further E424mln was sold in December as part of the PSI exchange. There have been no other taps of the GGB.
- We expect a transaction size of E1.5-2.5bln to bring the total outstanding amount to around E4-5bln.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.