A five-year benchmark issue for Greece, its first international bond issue in four years, has attracted more than 11 billion of investor interest as they cast aside memories of a painful haircut they suffered two years ago.
The sovereign set initial price thoughts at a 5 percent-5.25% yield on Wednesday afternoon for pricing Thursday.
"Investors are desperately searching for yield and it is very hard to find anything that pays more than 3 percent to 4 percent in the current market,'' said a banker on the trade. ``This deal is one of the few ways of getting yield in a liquid security.''
"Greece is back," analysts at Credit Suisse proclaimed. After a grueling austerity program under the terms of its two bailouts international lenders, and possibly more importantly European Central Bank President Mario Draghi's pledge to do "whatever it takes" to save the euro, Greece is no longer talked of as the first country likely to leave the single currency.