Greece storms back into international bond markets

|By:, SA News Editor

Greece is reportedly raising €3B ($4.15B) in five-year bonds in the country's first auction of long-term paper since it was initially bailed out in 2010.

Demand was for €20B ($27.7B) of notes, helping to push the yield down to just 4.95% from an initial pricing of 5-5.25%.

The bond sale comes two years after Greece defaulted on its debt and suffered the biggest sovereign-debt restructuring in history.

Back in the real world of the debilitated Greek economy, the country remains mired in deflation. CPI fell 1.3% on year in March after dropping 1.1% in February, with consensus -1.1%. Unemployment declined to 26.7% in January from 27.2% in December.