Athens still waiting for dust to settle

LONDON (IFR) – Greece is waiting for the dust to settle before it comes to market with a seven-year euro benchmark. Following a day of volatility in equity markets, Greece yesterday continued to monitor conditions and collect investor feedback ahead of bringing the trade. The mandate for the deal, set to be its longest issue since returning from a three-year exile last year, was formally announced on Monday with leads Barclays, BNP Paribas, Citigroup, JP Morgan and Nomura saying it would come in the near future subject to market conditions. “We are on standby. We want to see markets normalizing,” a Greek official who requested anonymity told Reuters. A lead said they had been waiting yesterday to see whether conditions would settle, and they could start marketing today depending on what happens when US markets open. “Market volatility has impacted whether this was a go or no-go day,” said a lead. “We’ve been [reaffirming orders from investors] for the past two days. It’s the normal procedure, something more in line with an emerging markets-type execution than what we usually see on the SSA side.” The lead said yield targets had not been set by official creditors, which are seen as slowly stepping away as Greece proves it can stand on its own. A banker away from the deal said today is wide open for the potential sale. “The window looks clear as no significant economic data points will be coming out,” he said.