1) Greece Is Courting China to Buy $35 Billion of Bonds in Euros, FT Reports
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2)Greece Wooing China to Buy EU25 Bln of Bonds, FT Says (Update1)
By Bloomberg News
以下Bloombergの記事。
Jan. 27 (Bloomberg) -- Greece is wooing China to buy as much as 25 billion euros ($35 billion) of government bonds, the Financial Times reported, citing unidentified people familiar with the matter.
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Goldman Sachs Group Inc. has been promoting the debt sale to China’s State Administration of Foreign Exchange, according to the report.
The Chinese side has not agreed to a purchase, the FT said. Edward Naylor, Hong Kong-based spokesman at Goldman Sachs, declined to comment. An official in the press department at SAFE, who asked not to be named, said he hasn’t heard about the plan and also declined to comment.
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Greece is seeking to raise funds from global investors to reduce a budget deficit of almost 13 percent of gross domestic product, the biggest shortfall in the European Union. The government sold 8 billion euros of five-year bonds with a coupon of 6.1 percent yesterday. It received orders for 25 billion euros after offering a premium of 30 basis points over existing, similar-maturity debt.
Credit Suisse Group AG, Deutsche Bank AG, EFG Eurobank Ergasias SA, Goldman Sachs, Morgan Stanley and National Bank of Greece SA nderwrote the issue. China Visit Greece’s credit rating was cut by Standard & Poor’s, Moody’s Investors Service and Fitch Ratings last month as the government looks to sell 53 billion euros of debt in 2010, the equivalent of 20 percent
of GDP. Finance Minister George Papaconstantinou said he would visit China to market the idea of a bond offering next month, but “no target is set” for a debt placement, according to the FT report.
China, with the world’s largest foreign-currency reserves of $2.4 trillion, has already invested a “significant amount” in Greek debt and is wary of adding to that, the FT reported, based on unnamed people close to SAFE. Papaconstantinou said on Jan. 20 that the government is also considering bond issues in Asia and the U.S. and may market debt to Greek retail investors.
The country is rated A2 by Moody’s, the fifth-lowest investment-grade, and two steps lower at BBB+ by S&P. Credit-default swaps on Greek government debt dropped three basis points to 325 yesterday after
reaching an all-time high of 350 basis points last week, according to CMA DataVision.
A decline indicates an improvement in perceptions of credit quality. A basis point is 0.01 percentage point.
--Belinda Cao. With assistance from Katrina Nicholas in Singapore. Editors: Simon Harvey, Sandy Hendry