That new Greek bond — the terms

Joseph Cotterill | Apr 09 12:29 | 2 comments | Share

Coupon not fixed yet. But note a) that they’ve hired lots of banks to sell this and b)the law…

Issuer: The Hellenic Republic

Issuer rating: Caa3/B-/B- (all stable)

Format: Reg S / 144A, dematerialized form, Bank of Greece system

(BOGS) clearing

Size: EUR Benchmark

Maturity Date: 17 Apr 2019 – 5 Years

Settlement Date: 17 Apr 2014 – T+5

Coupon: [ ]%, Fixed, Annual, Act/Act

Denominations: EUR 1,000

Law/Listing: English Law / Athens Stock Exchange regulated market

Docs: Standalone

Lead Managers: BofAML, DB, GSI, HSBC, JPM, MS

B&D: JPM

Selling restrictions: 144A/Regulation S (Category 1), Greece, UK

Timing: Taking IOIs now, expect tomorrow’s business

It would be English law – Greece’s existing restructured bonds are governed by it, for example, and there probably are other good technical reasons to use the jurisdiction. And Greece may wish to be seen to be selling its triumphant market return to international buyers, and less to its own banks.

But for an investor aware of how local law bonds enabled Greece to carry out its sweeping restructuring in 2012, perhaps there is just a smidgen of comfort here.

http://ftalphaville.ft.com/2014/04/09/1823672/