Monday, December 3, 2012

Greece has unveiled the details of its bond buyback plan

Greece has unveiled the details of its bond buyback plan, ahead of the Eurogroup meeting on Monday. According to the document released by the Public Debt Management Agency, private investors are given the chance to swap the Greek bonds their hold for between 40.1% and 32.2% of their nominal value.

The bond buyback, on which Greece is prepared to spend 10 billion euros, is subject to a financing agreement with the EFSF, which provides funding for it. Prices of bonds vary by maturity: 38.1c for 2023, 30.2 for 2042. Investors can sign up for the buyback until December 7, while the settlement is scheduled for December 17.

The debt swap plan plan is a part of the bailout package for Greece, agreed upon at the Eurogroup meeting last week. The release of the next, 44 billion euro aid for the indebted country depends on its successful completion.


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