Greece Not Sure If It Will Issue Dollar Bonds: Report

Friday, 16 Apr 2010 09:26 AM

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Greece is planning a debt roadshow in the United States after April 20, the head of the country's debt agency (PDMA) told Japan's Jiji news in an interview published on Friday.

PDMA chief Petros Christodoulou told Jiji on Thursday that he is not sure if the country will issue dollar-denominated bonds, suggesting the agency will make a decision by gauging investor appetite after the roadshow, Jiji reported.

Two sources told Reuters on Thursday that Greece has tapped Morgan Stanley as lead underwriter for its planned U.S. dollar bond sale later this month, although the company denied it has been mandated as lead underwriter.

The sources told Reuters that Greece has turned to the U.S. bank to sell the bond in dollars which will target U.S. money managers to broaden its investor base following dwindling support for its securities in Europe and Asia.

The premium investors demand to hold Greek bonds rather than German benchmark Bunds soared to a record high last week on worries about Greek's ability to refinance its maturing debt.

Greece asked on Thursday for official talks with European authorities and the International Monetary Fund, in a step towards Athens obtaining billions of euros in emergency loans, helping to ease market concerns.

The IMF announced it would send a team to Athens on Monday, which a Greek government official said would be accompanied by teams from the European Commission and the ECB.

Greek and IMF officials stressed that Greece, struggling to finance a national debt greater than its annual economic output, had still not decided whether to apply to activate an emergency aid mechanism announced by euro zone governments last Sunday.

Greece needs to borrow about 11 billion euros by the end of May to refinance maturing debt and interest charges. Its overall 2010 borrowing requirement is 53 billion euros ($71.57 billion).

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