Greece is temporarily holding off on its plans to sell its first bonds since summer 2017 as financial markets turn sharply lower, the Financial Times reported, citing people familiar with the plans.
Book-building for the seven-year debt with a targeted yield of 3.33% to 3.4% was expected to begin Feb. 6, according to a source. Greece already delayed its plans to come to market from January, as the government was still due to complete reforms before the EU signed off on its third bailout. The Greek government is aiming to exit its third bailout program this summer.
Greece on Feb. 5mandated five banks to work on the deal, and Finance Minister Euclid Tsakalotos reportedly said the issue would proceed "within this week," the Financial Times reported.
After finalizing a deal for the seven-year bond, the country plans to sell a three-year bond and a 10-year bond in the coming months.
Barclays, BNP Paribas, Citi, JPMorgan and Nomura are working as joint lead managers on the latest deal.
