The Greek government enjoyed a much-needed boost Monday as investors piled into its new €5 billion ($7.07 billion), five-year syndicated bond issue, registering more than €20 billion of orders in around three hours. But while getting some cash in the bank is the top priority, Greece is paying a chunky premium to ensure success.
The huge demand for the bonds bodes well for the fiscally-challenged nation as it suggests Greece will be able to secure the €5 billion it was aiming for, which should give it sufficient funds to repay debt maturing until the start of April.