Greece issues 7-year bond

Greece has launched a 7-year bond, the first after the Eurozone recently approved a safety net aid package for the country and seen as a test for Greece.

Graphic illustrating Greece's history of deficit and debt and  forecasts for 2010. Greece on Monday raised five billion euros  with a seven-year bond issue rolled out just days after being  thrown a lifeline by the European Union to help resolve its  unprecedented debt crisis.(AFP/Graphic/File)

Order levels on the new bond stood at around 7 billion euros with about 175 institutions bidding for a slice. Authorities mandated five banks for the bond's issue. The interest rate for the bond looks set to be priced at around 6 percent if market conditions remain stable -- more than twice the yield paid by Germany, Europe's biggest economy, on 7-year paper.

Earlier this month Greece raised 5 billion euros through a 10-year bond. So far this year it has raised about 18 billion euros out of a 53 billion euro projected need for 2010.