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Unabated the interest in Greek bonds in February on HDAT

05/03/2001 - Press Releases

February saw continued strong interest in Greek government bonds from both domestic and foreign investors. The total volume of transactions in the electronic secondary securities market (HDAT) was almost four times as high as in the same month last year (EUR 15.17 bn or GRD 5,169 bn from GRD 1,334 bn), although lower than January (EUR 20.28 bn or GRD 6,909 bn).

At the end of February, bond prices were higher, particularly in the long end of the curve with gains of 41-90 basis points (bps). The 20-year bond recorded the strongest gains (from 107.64 on 31.1.2001 to 108.54 on 28.2.2001) and the highest volume of transactions during the month (EUR 3.01 bn). Overall, the market moved upward despite the relatively high volatility during the month.

The yield curve moved lower with a reduction of 5 bps in the 10-year benchmark bond yield. The same occurred also in the other European markets and, therefore, the spread between the Greek and the German 10-year bond yields remained almost unchanged at the level seen in January (56 bps in February and 55 bps in January)

A positive development for Greek government bonds was their introduction for trading on the EuroMTS, the European electronic secondary securities market, from 31/1/2001.

The Greek bond market outlook remains positive, despite the strong gains recorded over the past months, as the favourable international economic environment with expectations for interest rates cuts by the FED and the ECB provides a solid support for the global bond market.

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