News Headline Summary

Greek bonds continue to advance after the Greek debt agency (PDMA) announced plans to buyback debt between 38.1 and 40.1 via Dutch style auction

Update details:

- Mid-point of the price range is higher than the initially speculated 35.0. By setting higher price, the debt agency is hoping to attract enough participation from both foreign and domestic accounts.
- Equity markets in Europe benefiting as a result and recovered from a lower open.
- However very little reaction observed in FX space, where EUR/USD has traded range bound since the open at around 1.3030.
- Greek 2023 bond yields falls below 15% to lowest since restructuring.

Print 08:28, 03 Dec 2012 - Market Analysis - Source: RANsquawk