Greece is looking to raise around €2.5bn from a 5 year bond sale on Thursday, report sources on Reuters, and are optimistic it will be successful. They are looking to issue bonds at a rate below 5.3%. The last time they went to market was back in March 2010.
The recovery seems to be gaining traction and that could see increased flow into the euro as investors go bargain hunting. Greece has also just announced another €500m property portfolio that it will be looking to sell. This comes on top of around €5bn of sales that they have done as part of the bailout conditions.
Greece has been the bad child of the PIIGS and there is still some nervousness surrounding them. Today two unions are holding a 24 hour general strike affecting transport and services. That said, the stock market has risen 175% from the lows in June 2012 and these are strong signs that the market is willing to buy into Greece. The bond sale will be a test to gauge what sort of appetite the market really has for Greece.
