Aryanews- Greece sold 5 billion euros ($6.7 billion) of 7-year bonds with a looming Easter holiday and a subdued European market dampening demand in the first test of investor appetite since last week's EU-backed debt support deal.
Order levels on the new bond stood at around 7 billion euros compared to more than 16 billion euros in interest shown for a benchmark 10-year paper whose success in early March had eased some of the nerves over Greece's financing. [ID:nLDE6240LI]
About 175 institutions bid, sources at the lead managers said, compared to 400 investors for the previous 5 billion euro, 10-year issue.
"It is Easter week in Greece and Europe and this explains why demand may seem a bit softer, with the book growing at a slower pace compared to the previous 10-year bond issue," said a source at one of the five banks leading the issue.