Greece launches exchange offer for T-bill issues‏

16:52 11/9/2014 - Πηγή: E-Typos

Greece on Wednesday announced the re-opening of three- and five-year bond issues to be offered in exchange for existing short-term Treasury bills, as part of a broader programme to manage more efficiently the country’s liabilities.

In an announcement, Greek authorities said that the aim is to exchange state securities worth 1.0 billion euros.

The move was announced by the finance ministry weeks ago and aims to reduce the borrowing cost for the Greek state and to extend the maturity of the debt. T-bill holders will be able to exchange their holdings with new bonds, maturing in 2019 carrying a coupon of 4.75 pct, or bonds maturing in 2017 with a coupon of 3.375 pct.

The exchange offer will begin on Thursday, 11 September, 8:00 local time and will end at 19.00, unless an extension is given.