Greece Cites Market Conditions as Bond Sale Misses Target
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Greece raised 1.5 billion euros ($2.04 billion) in a debt sale that fell short of analyst estimates on size and yield as it took place amid a selloff in higher-yielding bonds across the euro area.
In its second offering in three months, the country that sparked Europe’s sovereign debt crisis sold three-year notes via banks at an average yield of 3.5 percent. That’s a higher borrowing cost than forecasts earlier this week of about 3 percent from HSBC Holdings Plc and Royal Bank of Scotland Group Plc. RBS had also estimated the size of the sale would reach 3 billion euros.