Investors stand in line to get a piece of Greece's first longer-term debt offering since being bailed out (said bailout is still ongoing), placing more than €11B in orders for what's expected to be about a €2B offering of 5-year notes, reports the FT. Who's buying? Likely Greek banks, along with investors drawn to a yield with a 5-handle on it.
The robust demand has bankers cutting their expected yield to just 5-5.25%. The last time Greece issued five-year paper - all the way back in January 2010 - it was priced to yield 6.1%.
Earlier today, the yield on Greece's 10-year notes fell below 6% for the first time since the debt crisis.
GREK unchanged on session